Chris Holtmann is owed over $13 million by Ohio State after he was fired on Wednesday. Holtmann got a three-year contract extension from Ohio State that will keep him there through the 28th season. Holtmann didn't make it until the end of the second year of the contract, but Ohio State still owes him $3 million per year for the rest of the contract. After next season, Holtmann's original contract would have expired, which would have left Ohio State on the hook for $3 million. If Holtmann lands another coaching job, Ohio State will have to pay him more than four times that amount. Gene Smith, Ohio State's athletic director, was asked if he regrets giving Holtmann a contract extension even though he was fired. Smith said that he has many regrets and that he would fix them all. That is one of them.
Holtmann's contract extension was awarded in 2022, even though Ohio State had yet to make the second weekend of the NCAA Tournament under his leadership. Smith believed that Holtmann would have his best years at Ohio State after the Buckeyes signed a good recruiting class. In 2022-23, Ohio State went just 16-19 and is likely to miss the NCAA Tournament for the second year in a row. Gene Smith gave Chris Holtmann a contract extension.
When the contract extension was awarded two years ago, Smith and Holtmann had discussed a long-term plan. Smith said that he felt that the young men needed something different from a leadership point of view to succeed. There's a lot of minutes on that floor, so I wanted to give them a chance.
Chris Holtmann is the head coach of Ohio State basketball.