According to an announcement made by the university on Wednesday, Ryan Day’s extension of his contract to continue coaching the Ohio State team through to the 2028 football season has been completed.
After receiving a pay bump and a further two years on his contract, Day will now earn $9.5 million annually. In May, Ohio State made an announcement about Day’s salary. His yearly wage is equivalent to the one that Michigan State University agreed to give Mel Tucker at the end of the previous year. James Franklin, who plays for Penn State, was also given a significant pay increase. This was part of a contract extension worth $7 million a year.
As the head coach of Ohio State, Day has compiled a record of 35-4, including a season-opening win over No. 5 Notre Dame by a score of 21-10. Tucker finished his career at Michigan State with a record of 14-7. Franklin is 63-34 at Penn State.
Day, who is now 43 years old, did not sign the contract offer from Ohio State University in May. This is because the details had not yet been worked out. He had an interview with The Dispatch during Big Ten media days in July. This revealed that the deal was close to being finished. Under his former deal, he would have earned $7.6 million in 2022. Day put his signature on the dotted line on the previous Wednesday.
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The terms of the contract include a buyout clause. It states that any team (NFL or college) that hires Day away from the Buckeyes before February 1, 2023 must pay Ohio State $5 million in order to get out of the contract. This number will be reduced by a total of $500,000 between the 1st of February 2023 and the 1st of February 2024. The next year, it falls by $500,000 from the previous year. Beginning February 1, 2025 and continuing until February 1, 2026, the buyout price is reduced to $3 million. Thereafter, it is reduced by $1 million annually for the next two years. The buyout for Day’s last year of his contract is for a total of $750,000.
Before the start of the 2017 season, the Ohio State Buckeyes recruited Day from the National Football League to work as their co-offensive coordinator and quarterbacks coach. In 2018, he was given the role of interim head coach when Urban Meyer was placed on administrative leave. After that season was over, Meyer announced that he was retiring. So he was given the job of head coach for the Scarlet and Gray for good.
Day’s buyout under his previous agreement would have been $2.5 million for the current contract year if it had been in effect.
Contracts of a similar nature
In contrast, the buyout for Tucker’s departure from Michigan State is $2 million if he leaves the university by January 15, 2023; $1.5 million the next year; and $1 million at any time after that.
If Franklin left Penn State before December 31, 2022, he would be required to pay the university $8 million; $6 million in 2023; $2 million in 2024 and 2025; and $1 million from 2026 through 2030.
P.J. Fleck of Minnesota would have a debt of $10 million until the end of 2022. And then it would decrease to $7 million after that. If Paul Chryst’s contract with Wisconsin is not terminated before January 2027, the Badgers will be entitled to receive $8 million in payments from him. The buyout for Mike Locksley of Maryland is $7 million until the end of 2022. After which point it drops to $5 million.
Kirby Smart, the head coach of Georgia, the team that is currently defending its title as national champion, just signed a deal for a total of $112.5 million over the course of 10 years. His buyout to quit the company is $5 million until December 31, 2024. And then it drops to $4 million for the next three years. After that, it will fall by one million dollars each and every year.
Nick Saban of Alabama and Jimbo Fisher of Texas A&M, who are both among the highest-paid coaches in the country, do not have any buyout clauses added to their contracts.
Ryan’s Buyout Clause
In fact, if Day is successful in meeting or exceeding the objectives set out in the contract by the time it is nearing its conclusion, he will already be working on negotiating an extension or a whole new deal by that time. And if he doesn’t, Ohio State will be the one to pay his ransom in the event that it comes to that.
Day got a 6-year contract extension that increased his income from $7.6 million to $9.5 million after his team’s 11-2 performance at the Rose Bowl. The prior deal for Day featured a buyout for the 2022 campaign that was worth $2.5 million.
What does this mean for the Ohio wagering options?
Since this might send the team into a small turmoil, the wagering opportunities for the Ohio sports betting market might be in jeopardy.