Ohio State Signs New Nike Contract, Richest Deal in College Sports

Ohio State already had a nice pre-existing relationship with Nike. They've been together for years and have seen more money than the entire state of New Hampshire has ever (presumably). However, good wasn't good enough. They wanted great; best in the business kind of great, and that is exactly what they got. Ohio State struck a new deal with Nike, extending their partnership for another 15 years in a $252 million deal, effectively making it the most valuable such deal in all of college sports.

Ohio State released this statement:

The Ohio State University and NIKE have set a new standard for how a collegiate contract can benefit the entire student body.

The innovative 15-year agreement announced today delivers unsurpassed value to the university by investing heavily in Ohio State's student-athletes while also providing benefits for the broader student body.

Examples of benefits beyond athletics include monetary support and products to enhance the student experience, a significant endowment for student scholarships and NIKE internships for both athletes and non-athletes.

Blah, blah, blah. What they are really saying is, "We just got PAID. Take that Michigan!"

You see, Ohio State and Michigan are fierce rivals. And, prior to the deal that was struck in Columbus, Michigan had signed a rather lucrative Nike contract themselves. However, the Buckeyes now have bragging rights. They are set to get $16.8 million per year, whereas Michigan will get a measely $15.3 million, per ESPN's business reporter Darren Rovell. You know, chump change.

Michigan deal with Nike is worth $15.3M in cash & product a year. Ohio State's new deal, according to report, would be worth $16.8M a year.

— Darren Rovell (@darrenrovell) January 14, 2016

Ohio State's contract wasn't up until 2018, but Nike approached them in 2014 to renegotiate things. And while the Buckeyes did consider other apparel companies (yeah, right, just like anybody would reconsider taking that jet plane over the Corolla), they ultimately didn't see any reason to jump ship (or plane).

After they decided to stay with Nike, there was just one more thing they were waiting for: the Texas deal. They wanted to "learn" from that. Which really meant that they wanted to see how much Texas got so they could ask for more. It worked; they did get more. Something they are deserving of, according to Ohio State athletic director Gene Smith.

"We are deserving in this deal to be No. 1 in the country," Gene Smith told cleveland.com. "There are a number of criteria in that partnership where we demonstrated that we performed extremely well, and so we feel that's where we should be."

Ohio State now collectively celebrates.