Ohio State University, which has led the nation in athletic department spending for the past six years, reported a total of $293 million in expenditures for the 2023-24 season, according to its latest NCAA financial disclosures.
That was an increase of roughly $17 million the school said it spent on athletics in 2022-23.
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Of its FY24 total, more than $26 million was allocated to student aid—an amount that athletic director Ross Bjork cited as evidence of the university’s “unwavering commitment” to supporting its “student-athletes” during this time of rapid change in college sports. The school sponsored 36 sports, more than double the NCAA’s minimum requirements for Division I.
However, the student aid figure was overshadowed by the $28.5 million Ohio State spent on football coaching compensation, despite a significant decrease in football ticket revenue compared to the previous season. Ohio State reported $64.3 million in football ticket sales in fiscal 2022-23, and $47.9 million in fiscal 2023-24—a drop of about 25%.
The shortfall is likely tied to changes in the football schedule and opponents. In 2022, the Buckeyes hosted eight home games, including a season opener against a ranked Notre Dame team and a high-stakes home finale against Big Ten rival Michigan. By contrast, the 2023 season featured a home slate of only six home, with the Michigan contest taking place in Ann Arbor.
OSU’s revenue decline was not confined to ticket sales. Year-over-year sponsorship and licensing revenue also dropped over that span, from $42.8 million to $34.1 million, possibly for the same reason.
Many of the school’s biggest changes in spending were related to coaches, as total salaries jumped from $45.2 million in 2022-23 to $54.3 million in 2023-24, driven largely by increases in compensation to head football coach Ryan Day and his staff. Meanwhile, severance payments totaled $9.2 million last fiscal year, almost all of which related to the mid-season firing of former head men’s basketball coach Chris Holtmann.
Ohio State, winner of this year’s College Football Playoff national championship, has topped FBS athletic department spending since fiscal year 2019, when it surpassed Texas, according to Sportico’s college sports finances database. From FY19 to FY24, OSU’s spending increased by 32%. Texas, which spent $232 million in FY23, has yet to release its most recent NCAA financial report. Texas A&M recently reported spending $244 million in the fiscal year 2024.
Unless the Longhorns made an unexpected leap in spending last fiscal year, it seems that the current one will be where Ohio State—and potentially a few other programs—becomes the first school to officially cross the $300 million threshold.
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