How Chris Holtmann’s DePaul contract reduces Ohio State’s severance pay

Last season, the Ohio State Buckeyes got off to a great start in November and December and entered January at 12-2 in conference play. A three-game losing streak, including losses at Indiana, at home to Wisconsin and at Michigan, sent the Buckeyes reeling despite a 12-5 record.

Holtmann’s team then lost six of its next eight games before outgoing Ohio State Buckeyes athletic director Gene Smith fired the head coach on Wednesday, February 14. The Buckeyes had an overall record of 14-11 at the time and were 4-10 in the Big Ten.

This was the second year in a row that a team coached by Chris Holtmann slumped in conference play during the months of January and February. Despite being a young team heading into the 2022-23 season, the Buckeyes still managed to start the year 10-3. They then lost 14 of their next 15 games and had an 11-17 record by the end of February. The team then found some rhythm and made a deep run in the Big Ten Tournament, surprising everyone. Ultimately, the team lost to top-seeded Purdue in the semifinals and finished the year with a 16-19 record.

Back to 2024: After Holtmann was fired in mid-February, assistant coach Jake Diebler was named interim coach. His team rebounded and returned to form in November and December. The Buckeyes defeated No. 2 Purdue in Diebler’s first game as head coach and then won five of the next seven games.

The Buckeyes were probably just one win away from sneaking into March Madness, but they entered the NIT with a 20-13 record. After defeating Cornell and Virginia Tech in the NIT, Ohio State lost a close contest to Georgia at Value City Arena, 79-77.

Diebler’s title was replaced with the word “interim” and he was promoted to head coach in March. His five-year contract means he will now make $2.5 million per year, which is less than Holtmann’s $3.5 million per year. Holtmann was then offered the job at DePaul to try to get the struggling Blue Demons program back on track.

Eleven Warriors’ Dan Hope wrote a compelling story on Wednesday about Ohio State’s severance agreement with former head coach Chris Holtmann. The severance agreement, obtained through a public records request, showed that Ohio State is obligated to pay Holtmann nearly $15 million over the next four years.

Since Holtmann is reportedly set to make $1.5 million per year at DePaul, Ohio State’s severance obligation actually drops significantly to less than $8.5 million. However, Hope indicated that number could drop even further if Holtmann receives a raise sometime before June 2028. If Holtmann is released by DePaul in the next four years despite signing a six-year contract, that number would increase.

Although there needed to be a change at Ohio State Men’s Basketball, Chris Holtmann was well-liked by most people who were involved with the program. Because of this, most Ohio State fans and even the university itself will be rooting for Holtmann to succeed at DePaul. From a financial standpoint, it will also be beneficial for Ohio State if Holtmann succeeds with the Blue Demons.