How Chris Holtmann's DePaul Contract Reduces Buyout Obligation For Ohio State

Ohio State parted ways with Chris Holtmann near the end of last season. After being named the head coach at DePaul, here is how that impacts the Buckeyes.

Ohio State Buckeyes head coach Chris Holtmann watches his team warm up prior to the NCAA exhibition basketball game against the Indianapolis Greyhounds at Value City Arena in Columbus on Monday, Nov. 1, 2021. / Adam Cairns/Columbus Dispatch / USA

Last season, the Ohio State Buckeyes got off to a great start in November and December, going 12-2 headed into the heart of conference play in January. A three game losing streak with losses coming at Indiana, home versus Wisconsin and at Michigan had the Buckeyes spiraling even while sitting at a 12-5 record.

Holtmann's group then went on to lose six of their next eight games prior to outgoing Ohio State Buckeyes Athletic Director Gene Smith letting go of the head coach on Wednesday, February 14th. The Buckeyes had an overall record of 14-11 and were 4-10 in the Big Ten by that point.

This was the second year in a row that a Chris Holtmann coached team collapsed in conference play during the months of January and February. Despite being a young group in the 2022-23 season, the Buckeyes still managed to jump out to a 10-3 start to the year. They then lost 14 of their next 15 games and had an 11-17 record near the end of February. The group then found a bit of a rhythm and made a deep run in the Big Ten Tournament and surprised everyone. Ultimately, the team fell to top-seed Purdue in the semifinal and ended the year with a 16-19 record.

Feb 6, 2024; Columbus, Ohio, USA; Ohio State Buckeyes head coach Chris Holtmann walks to the huddle during a timeout in the second half of the men's basketball game against the Indiana Hoosiers at Value City Arena. Ohio State lost 76-73. / Adam Cairns/Columbus Dispatch / USA

Jumping back ahead to 2024, upon the firing of Holtmann in mid-February, assistant coach Jake Diebler was appointed with the interim head coach role. His team rallied and regained their form from November and December. The Buckeyes upset No. 2 Purdue in Diebler's first game as head coach and then won five of the next seven games.

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

Diebler had the word interim dropped from his title and was promoted to head coach back in March. His five-year deal results in him now being set to make $2.5 million per year, which is less than what Holtmann was getting at $3.5 million per year. Holtmann was then offered the job at DePaul to try and turn around a struggling Blue Demons program.

Mar 26, 2024; Columbus, OH, USA; Ohio State Buckeyes head coach Jake Diebler motions to his team during the first half of the NIT quarterfinals against the Georgia Bulldogs at Value City Arena. / Adam Cairns/Columbus Dispatch / USA

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

With Holtmann reportedly set to make $1.5 million per year at DePaul, Ohio State's buyout obligation actually significantly drops to less than $8.5 million. However, Hope stated that the number could drop even further if Holtmann receives a raise at any point before June of 2028. If Holtmann is let go by DePaul in the next four years, despite signing a six-year contract, then that number would go up.

Despite the need for a change with Ohio State Men's Basketball, Chris Holtmann was well-liked by most people who spent time around the program. For this reason, most Ohio State fans and even the university themselves will be rooting for Holtmann to succeed at DePaul. From a financial standpoint, it will also be beneficial to Ohio State if Holtmann does well with the Blue Demons.