In June of last year, Michigan signed what was trumpeted as the richest shoe and apparel deal in college sports. Four months later, Texas trumped that.
Three months after that? Ohio State is the current Nike king of the money pile.
In a press release, OSU announced that it has agreed to a new, 15-year deal with Nike. While the school didn’t reveal the financial particulars, the Wall Street Journal did: the new deal, which replaces the old deal that wasn’t set to expire until 2018, includes $112 million in Nike product and at least $103 million in cash, which the business website notes does not include “royalty income.”
The total value over the life of the deal is reportedly $252 million; Texas’ is worth $250 million, while Michigan’s is now a “paltry” $170 million. All three of the deals are 15 years in length.
And, according to the release, the new deal won’t just benefit OSU athletics.
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.
“The comprehensive nature of this partnership is a win for all Ohio State students,” said university President Michael V. Drake. “The expanded commitment by NIKE will support access, affordability and excellence for Buckeye students and student-athletes across our campus.”
Athletic director Gene Smith went on to add that “[w]e approached this as a university contract, not one that’s purely focused on athletics” but one that “every student — whether they play club sports, Division I sports or no sports at all — will be eligible to benefit.”