Ryan Day estimates $13 million needed in NIL money to maintain Ohio State football roster
Ohio State needs $13 million through name, image and likeness deals to maintain its football roster beyond next season.
That’s the eight-figure estimate coach Ryan Day provided to about 100 businesspeople at an NIL event held at the Covelli Center Thursday.
His comments were reported by Cleveland.com after he spoke as part of a panel that included athletic director Gene Smith and senior associate athletic director Carey Hoyt, who oversees the school’s NIL administration.
Opportunities for players to make money through NIL opportunities are seen as one of the leading factors behind the sharp increase in transfers throughout the sport this offseason.
Though schools are prohibited by the NCAA from using deals as recruiting inducements for transfers or high school prospects, enforcement has been slow.
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Day speculated at Thursday’s event that Buckeyes players could put their names in the transfer portal at the end of a season and be swayed by offers elsewhere. The NCAA’s one-time transfer exception, which was expanded to all sports last spring, also provides them with immediate eligibility.
"One phone call and they’re out the door," Day said, as transcribed by Cleveland.com’s Doug Lesmerises. "We cannot let that happen at Ohio State. I’m not trying to sound the alarm, I’m just trying to be transparent about what we’re dealing with."
Day said his estimate was based on conversations with recruits and their families, and it factors in rates for specific positions, including $2 million for premier quarterbacks and $1 million for top offensive tackles and pass rushers.
Since compensation became permissible last July, players have earned NIL money from companies offering endorsement deals and university-specific collectives, which are funded by boosters and typically offer partnerships with local charities or nonprofits. The $13 million goal would involve both.
A pair of collectives supporting Ohio State formed earlier this year. Known as THE Foundation and the Cohesion Foundation, they are set up to pay Buckeyes football players for working with charitable organizations.
It’s unclear how much money they have raised to date, though real estate developer Brian Schottenstein has said he aims for THE Foundation to become the largest NIL fund in the country after launching it in March.
Ohio State athletes from all 36 varsity sports have earned nearly $3.5 million in NIL compensation over the last 11 months, the most in the country, the athletic department announced Thursday.
Joey Kaufman covers Ohio State football for The Columbus Dispatch. Follow him on Twitter @joeyrkaufman.
This article originally appeared on The Columbus Dispatch: Ryan Day: $13M needed from NIL to maintain Ohio State football roster
