It appears Gene Smith made absolutely sure Chris Holtmann won't be leaving Ohio State anytime soon. The new coach of the men's basketball program signed an eight-year deal worth $3 million per season, with plenty of incentives, worked into it.
Holtmann is in line to receive $850,000 in base compensation, $1.315 million from media promotions and public relations, another $825,000 in Nike apparel and shoe equipment and finally $10,000 for Coca-Cola appearances.
The contract has not be finalized, according to the Ohio State Public Records Office. Holtmann, Smith and CFO Geoffrey Chatas signed it on Friday.
As approved by the Board of Trustees, Holtmann is eligible for an increase in salary beginning in 2018, according to his contract obtained by Eleven Warriors on Tuesday. He also agreed to hefty buyout language, mostly having to do with the potential of the coach bolting before the completion of the next four basketball seasons. Holtmann's current deal expires on June 30, 2025.
The contract states that if Holtmann discontinues his contract with the Buckeyes within the first four years of his employment (thus, before June 2021) he owes the school the money remaining on his deal multiple by the years remaining on his agreement. So if Holtmann left after two years, he would have to pay back the $18 million multiplied by six, or $108 million, to Ohio State. That's a lot.
But as is normally the case, the Buckeyes would owe Holtmann the amount of money remaining on his contract should they fire him without cause. Smith said Ohio State will honor the final terms of Thad Matta's contract, which was set to last through the 2019-20 season. Matta was owed about $3.5 million for this coming season, so the University is in line to pay him more than $9 million to not coach there anymore.
Additionally, Ohio State is taking responsibility for all costs involved with Holtmann leaving Butler. Holtmann signed an extension in April with Butler through the 2024-25 season. According to the Columbus Dispatch, the buyout in that contract is $2 million.
Below are various bonuses and perks associated with Holtmann's new Ohio State contract:
- $20,000 bonus for leading the Buckeyes to a Big Ten regular season championship or co-championship;
- $40,000 bonus for winning the Big Ten Tournament;
- $40,000 bonus for making the NCAA Tournament;
- $20,000 bonus for making the Elite Eight of the NCAA Tournament;
- $20,000 bonus for making the Final Four of the NCAA Tournament;
- $100,000 bonus for winning a national championship;
- $50,000 bonus if his team has a 3.0 or better Grade Point Average;
- $150,000 bonus if his team has a 3.5 or better Grade Point Average;
- $1,200 per month to use toward two cars;
- Use of a private jet for recruiting trips at any time, as long as they are more than 200 miles from Columbus. These expenses cannot exceed $65,000 a year;
- An allotted 20 hours of personal use per year for private jet;
- 12 tickets and parking passes to each Ohio State home football game;
- 30 tickets for each home basketball game; and
- Membership at a golf course mutually agreed upon by both parties.
Chris Holtmann Ohio State Term Sheet on Scribd
