Having success in college athletics means a willingness to spend money.
Ohio State’s athletic department was no exception last year.
Per Sportico’s Daniel Libit and Even Novy-Williams, Ohio State University reported $293 million in expenditures for the 2023-24 season. Ohio State has led the nation in athletic department spending in each of the last six years and its spending increased nearly $17 million from 2022-23, according to Libit and Novy-Williams.
Unsurprisingly, much of Ohio State’s spending was on its football coaches, with the university spending $28.5 million on the staff. Total coaches’ salaries increased from $45.2 million in 2022-23 to $54.3 million in 2023-24, much of that increase going to head football coach Ryan Day and his staff.
Despite such a large figure going to their football coaches, the Buckeyes reported $47.9 million in ticket revenue compared to $64.3 million from the previous year.
That roughly 25 percent decrease can be largely attributed to the Buckeyes playing just six home games in 2023 versus the eight they played at home in 2022. The most-anticipated game on the Buckeyes schedule against Michigan was also played at home in 2022 and on the road in 2023, another reason for fewer ticket sales.
According to Libit and Novy-Williams, Ohio State paid $9.2 million in severance payments in 2023-24. The Buckeyes fired men’s basketball coach Chris Holtmann halfway through the season and owed him a $12.8 million buyout, which made up most of the severance payment figure.
While Ohio State spent a pretty penny in 2023-24, especially to its football coaches, that spending worked out well. The Buckeyes beat Notre Dame in the national championship game to win the first-ever 12-team College Football Playoff last week. It was Ohio State’s first football championship since 2014.
