Ohio State & Ryan Day reportedly agree to a massive multimillion-dollar extension after Buckeyes' historic championship win

Coach Ryan Day and the Ohio State Buckeyes had a memorable season. While the regular season featured a few high-profile losses, including a 13-10 loss in the season finale, the team went on a dominant playoff run. They won the national championship with a 34-23 win over the Notre Dame Fighting Irish.

After the loss to the Wolverines, many in the fanbase and national media were calling for Ryan Day to be fired if the Buckeyes exited the playoffs early. That did not happen as the Buckeyes went on a dominant playoff run.

As a result, the Ohio State Buckeyes are signing Ryan Day to a massive contract extension. The report came from NBC Sports lead insider Nicole Auerbach.

"NEWS: Ohio State and Ryan Day have agreed in principle on a new seven-year contract that runs through the 2031 football season," Auerbach wrote. "Day will make $12.5 million in total annual compensation."

Day is 70-10 in his six seasons as the Buckeyes coach. Following the announcement of the contract extension, Day released a statement.

"I especially want to thank and commend all the young men, and their families, who are a part of this football program. This is a team of tough and determined individuals who drive our culture of respect, commitment and love."

"My family and I are incredibly grateful to be a part of the Ohio State community, this football program and Buckeye Nation," Day said. "I want to thank my assistant coaches and the entire staff for the tireless effort they put in to keep Ohio State positioned as one of the elite programs in the country on and off the field."

Ryan Day is now the second highest-paid college football head coach

College football can be fickle. If this season had played out a year ago, before the 12-team playoff format, the Buckeyes would not have made the college football playoff.

As a result, there is a good chance Ryan Day would have been fired after the team's loss to Michigan. However, in the new format, the team was able to recover and win the national championship.

As a result, Day signed a huge contract extension that will pay him $12.5 million annually through to the 2031 season. This makes him the second-highest-paid head coach in college football, sitting only behind Georgia's Kirby Smart who makes $13.28 million annually on a 10-year contract.