Ohio State’s Athletic Scholarships Soar with $26 Million in Aid for FY 2024

The Ohio State University Department of Athletics remains one of the largest departments in the nation in both size and revenue, according to the new financial report filed to the NCAA. The report highlights a commitment of $26,084,724 in athletic student aid – an increase from $23.8 million last year.

“In this new era of rapid transformation in intercollegiate athletics, our commitment to our student-athletes is unwavering,” said Ross Bjork, senior vice president and Wolfe Foundation-Eugene Smith Endowed Athletics Director. “We remain dedicated to supporting them in the classroom, in the training room and on the field of play as they compete for and win national, conference and individual event championships.  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.  We will make sure we operate with a balanced budget moving forward.”

In November, Bjork explained his vision to Buckeye Nation to maintain 36 scholarship varsity sports and the university’s holistic “Circle of Care” approach to student-athlete well-being.

The department reported $254,933,664 in revenue in fiscal year 2024. That’s down from a record $279,549,337 revenue in FY 2023.

Part of that is attributable to a six-game home schedule for the football team in the reporting year versus eight home games in the previous year, which included a marquee non-conference home game against Notre Dame. Ticket sales, the largest single source of athletics revenue, were $58,788,651 in FY 2024 compared to $73.3 million in FY 2023.

For the year, the department reported $292,670,315 in expenses. Expenses include $9,205,112 in severance payments and benefits to past coaching and administrative personnel.

The athletics department’s past earnings, reserve funds and anticipated future earnings are projected to cover the $37,736,651 shortfall that was expected in FY 2024. The department will continue to provide funding for programs, initiatives and facilities across the university.

The athletics department remains on sound footing – most recently capping the 2024 football season with a 9th national championship after defeating Notre Dame 34-23. The Buckeyes played eight home games this year and hosted a College Football Playoff game against Tennessee in the new playoff format, along with CFP bowl games against Oregon, Texas and the national championship final – revenue that will boost next year’s report.

Additionally, four teams from the expanded Big Ten played in the inaugural College Football Playoff and will share revenue from those appearances.

The department also reported $52,794,280 in revenue from radio, television and digital media rights fees in FY 2024 – an increase of 6% from the previous year. A new television media rights deal went into effect in FY 2025 which will increase the revenue from that source in the new year and beyond.

Ohio State supports 16 men’s teams, 17 women’s teams, three mixed teams and approximately 1,000 student-athletes. The department is self-funded and receives no tuition or tax dollars.