The Wall Street Journal recently named Ohio State as college football's most valuable program for the second year running. On Thursday, Ohio State got paid like it.
According to the Journal, Ohio State and Nike agreed to a 15-year, $252 million deal that will give the university $112 million in product and "at least" $103 million in cash, which doesn't include royalties. The deal is set to begin during the 2018-19 season and ends in 2033.
Interestingly, the Buckeyes' new deal includes $41 million for use outside athletics on things like books, buildings, etc.
The deal surpasses Nike's then-record 15-year, $250 million agreement with Texas and its 11-year, $122.32 million deal with Michigan. (The Wolverines' deal includes a four-year option that could inflate their earnings to $169 million.)
“The comprehensive nature of this partnership is a win for all Ohio State students,” said university President Michael V. Drake in a university release. “The expanded commitment by NIKE will support access, affordability and excellence for Buckeye students and student-athletes across our campus."