Ohio State put everything at stake to win the natty. Sure, they returned as the champions but at what cost? As per an annual financial statement submitted to the NCAA, the school’s athletic department is in a deficit of $38 million! Yes, you read that right. This was expected since last summer, but exact figures were not available until Ohio State released its revenue and expense report earlier this week. In fact, Ross Bjork, the school’s athletic director, who had previously predicted an eight-figure deficit, revealed in a new statement:

“While last year’s budget impact is not ideal and there were unique circumstances at play, we have a robust expense and revenue plan that has been implemented and have made great progress in this ever-changing landscape of college athletics,” Bjork said. “We will make sure we operate with a balanced budget moving forward.”

But here’s the thing: The athletic department spent as much as $292.7 million (from July 1, 2023, to June 30, 2024) while they also saw a dip in revenue. Lower ticket sales for football also contributed to the decline in revenue.

The fact that they are in a deficit might leave them with no options for reshaping their football team. While other teams may be making changes during the offseason, Ohio State cannot afford to fire or hire anyone. But for Ryan Day, it might be good news because he is safe too. On the ‘Locked On Longhorns’ channel on YouTube, guest Luke Robinson (who hosts the Locked on Alabama podcast) stated:

“Ohio State, I mean, they just ran roughshod over the entire College Football Playoff, and it comes out today they ran at a $38 million deficit. I don’t know if anybody can afford to fire anybody anymore.”

When the Bucks lost to their rivals, Michigan, fans called for HC Ryan Day’s firing, but his buyout is $37 million.

Even John Miller (who hosts the Locked on Mizzou podcast and is a Missouri alum) agreed to it, saying, “That’s the thing. Timing is everything in life, and I think this season, the timing was off for a lot of those different candidates to possibly be fired and you know, I think to Luke’s point, would you rather spend that money tens of millions of dollars on a buyout or on NIL?”

But what’s the real deal behind it? They went on a spending spree of $292.7 million, far exceeding their revenues of $254.9 million, which is a drop of $24.6 million compared to the previous year. So, while the team is celebrating their victory on the field, their finances are struggling to stay afloat off the field. It’s a classic case of winning but still getting burned in the process.

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However, despite their willingness to splurge, the reality is harsh, as Ohio State is now in a bind. They cannot make any changes to their roster or coaching staff without making significant financial adjustments. As the offseason kicks off, it’ll be interesting to see how the Bucks navigate this financial tightrope.

What’s Ohio State’s plan for recovery?

The school will have to recover and fix the financial mess. Interestingly, just last week, Ryan Brewer ranked Ohio State as the most valuable program in college football, with an astonishing valuation of $1.96 billion. Its $20 million roster coming into the season was much talked about.

But currently, their finances don’t look good. The main blow came from ticket sales, which dropped from $73.4 million in 2023 to $58.8 million in 2024 due to two fewer home games. Just six. Ouch! That kind of loss isn’t something you can just brush off, especially when you’ve already spent every dime chasing that title.

Interesting Fact: Ohio State’s total expenses were the second-highest (by a Division I athletic department).

However, there is some hope. Well, the College Football Playoff payout, along with victories over Tennessee, Oregon, Texas, and the national championship, will bring in some much-needed cash for the 2025 fiscal year. Even Bucks AD Ross Bjork remains stated that they would be careful with their budget.

In fact, Gene Smith, who was the athletic director before Bjork, confessed that he went ‘berserk’ with the budget. He really wanted to push their football program forward, which increased their spending. Ultimately, the school will next to fix its financial issues. What do you think?