COLUMBUS, Ohio — Ohio State coach Chris Holtmann got a pretty sweet deal from the Buckeyes.
His employment contract was obtained by Land of 10 on Tuesday afternoon. Here are five things to know about his deal with Ohio State, with the contract embedded below.
1. The terms
Holtmann will make $3 million a year over the next eight years, though it sounds like he’s eligible for pay increases beginning in 2018.
Here’s the initial breakdown:
Base salary: $850,000
Media/public relations: $1,315,000
2. The buyout
It doesn’t look like Holtmann will be leaving Ohio State of his own accord over the next four years.
The buyout language seems to suggest that if Holtmann terminates the deal before June 2021, he would owe Ohio State however much remained on his eight-year deal multiplied by however many years were left. (For example, if he left after three years he would owe the $15 million left on his deal multiplied by five years for a total of $75 million.) This seems hard to believe, so here’s the exact wording.
12. If Coach terminates his employment with Ohio State within the first four (4) years of employment, Coach shall pay to Ohio State an amount equal to the Total Cash Compensation remaining to be paid by Ohio State on his employment agreement multiplied by the years remaining on the term of his employment agreement.
So, yeah. Sounds like he won’t be leaving.
On the other hand, if Ohio State fires Holtmann without cause, the Buckeyes will owe Holtmann however much money remains on his deal.
In happier news for Holtmann, Ohio State is paying all costs associated with him leaving Butler.
3. The bonuses
Holtman will receive bonuses for achievements on and off the court. He gets $50,000 a year if the team has a 3.0 or better grade point average and $150,000 if the GPA is 3.5 or better.
Here are his on-court rewards:
Big Ten regular-season champion or co-champion: $20,000
Winning the Big Ten Tournament: $40,000
Making the NCAA Tournament: $40,000
Making the Elite Eight of the NCAA Tournament: $20,000
Making the Final Four of the NCAA Tournament: $20,000
Winning the NCAA Tournament: $100,000
If any of these achievements are vacated, Holtmann has to pay back the bonus related to it.
4. The perks
Holtmann gets a membership at a golf course mutually agreed upon by himself and Ohio State. He also gets $1,200 a month for two cars. Additionally, he gets 12 tickets and two parking passes to each home football game and 30 tickets for each home basketball game.
5. The recruiting help
Holtmann will get a private jet to use for recruiting anytime trips are more than 200 miles from Columbus. However, his private jet expenses for recruiting can’t exceed $65,000 a year. He also gets 20 hours a year of personal private jet usage.