Ohio State’s $38M NIL Roster: Player Value, Taxes & Wealth

The Ohio State 2026 football team comes into the season ranked #1, and the teams’ roster provides a useful case study in the professionalization of the financial system in college athletics.

The Buckeyes are entering the season with an estimated $38.0 million roster NIL value across 80 players, according to The NIL Standard’s September 9, 2026 valuation.

That ranks Ohio State No. 4 nationally and No. 2 in the Big Ten for spending on players. The $38 million gross figure, however, should not be confused with an Ohio State payroll.

The NIL Standard identifies its numbers as independent estimates of annualized open-market NIL value based on factors including player performance, position, market context and audience. They are not disclosed salaries, guaranteed contracts or university payment records.

That distinction is important because today’s college athlete can have several different sources of income. Direct university compensation exists alongside legitimate third-party NIL agreements, sponsorships, appearances, licensing and other commercial activity.

The IRS considers many of these payments taxable income, including revenue-sharing payments, endorsements, sponsorships, promotional appearances, social-media income, royalties and certain non-cash benefits.

For athletes, agents and anyone studying the business of college sports, the useful question is therefore not simply how much a roster is “worth.”

It is how that value becomes actual income, how much of that income remains after taxes and expenses, and how an athlete can convert temporary college earnings into long-term wealth.

Ohio State’s Roster Is a Portfolio of Player Value

Approximately $24.6 million of Ohio State’s roster value is estimated to go towards retained players, $8.1 million to portal additions and another $5.3 million with recruits. Retained players account for about 65% of the total, portal additions about 21% and recruits about 14%.

The distribution is significant because the transfer portal has turned player retention into an annual financial decision. Ohio State’s current roster valuation reflects two related financial concepts:

what its players are estimated to be worth in the market if they were to let them leave in the portal, and the economic value of retaining those players rather than allowing another program to acquire them.

Ohio State’s Top Five 2026 Player Valuations (Gross Estimates)

Player	Position	Estimated 2026 NIL	Share of $38.0M
Jeremiah Smith	WR	$5,000,000	13.2%
Julian Sayin	QB	$2,496,734	6.6%
Kenyatta Jackson Jr.	EDGE	$1,599,700	4.2%
Phillip Daniels	OT	$1,242,792	3.3%
Beau Atkinson	EDGE	$1,138,419	3.0%

These five players represent approximately $11.48 million, or about 30% of the entire roster valuation. The remaining roughly $26.5 million is distributed among the other 75 players.

The current roster also includes “honorable mentions” of Ian Moore at approximately $1.08 million, Luke Montgomery at $1.03 million, and Devin McCuin at $1.02 million, as well as several additional players valued at approximately $900,000 or more. (these are gross figures)

This distribution illustrates that Ohio State’s financial model is not concentrated entirely at quarterback and wide receiver. Significant estimated value exists on both sides of the ball and across the offensive and defensive line.

Jeremiah Smith | $5,000,000 | Wide Receiver

Jeremiah Smith is the undisputed anchor of Ohio State’s financial ecosystem. With an estimated $5 million open-market valuation, Smith’s economic footprint extends far beyond localized revenue-sharing or collective payouts.

He has built a commercial brand that rivals professional athletes, securing national NIL partnerships with Red Bull, Lululemon, American Eagle, Adidas, Nintendo, and Ricart Automotive.

While the exact cash value of these individual agreements remains private, they prove a crucial point: elite college athletes possess massive commercial equity independent of their universities.

Smith’s partnership with KeyBank is particularly instructive. Rather than a standard social media ad, the bank leveraged Smith’s platform for a financial literacy campaign; demonstrating that top-tier NIL valuations are evolving from traditional marketing into sophisticated partnerships.

Julian Sayin | $2,496,734 | Quarterback

Valued at nearly $2.5 million, Sayin holds the second-highest spot on the roster, reflecting the undeniable reality of quarterback economics. In the modern college market, proven QBs command an automatic premium because their performance dictates the productivity, and therefore the financial value, of the entire offense.

Sayin’s profile also highlights a critical distinction in sports business data: a published NIL valuation is an estimated open-market price, not a guaranteed salary. His $2.49 million figure represents what the market dictates his combination of talent, scarcity, and brand reach is worth, rather than a publicly verified 1099 form from a university.

Kenyatta Jackson Jr. | $1,599,700 | Edge Rusher

As the highest-valued defender on the roster, Kenyatta Jackson Jr. illustrates how capital is allocated on the defensive side of the ball.

The modern football economy attaches massive premiums to scarcity, as the rare athletic ability required to pressure opposing quarterbacks is one of the most sought out talents in the sport both in college and in the NFL.

Jackson’s $1.6 million valuation proves that Ohio State’s multi-million-dollar payroll structure is not just a collection of offensive skill players; it requires heavy investment in premium defensive disruptors.

Phillip Daniels | $1,242,792 | Offensive Tackle

In college football capital allocation, an offensive tackle is essentially an insurance policy for your most expensive assets. Phillip Daniels carries an estimated value of $1.24 million, demonstrating the direct financial relationship between roster construction and player protection.

You do not invest $7.5 million in a quarterback and wide receiver without buying the elite talent required to protect them.

The market clearly recognizes this unit’s value, fellow linemen Moore and Montgomery also carry estimated valuations north of $1 million, proving that keeping the offense upright requires a massive, multi-player financial commitment.

Beau Atkinson | $1,138,419 | Edge Rusher

Rounding out the top five is Beau Atkinson at $1.14 million. When paired with Jackson Jr., Atkinson’s valuation reveals that Ohio State has consolidated immense financial capital into its defensive front.

The presence of multiple seven-figure edge rushers and defensive linemen confirms that a $38 million roster valuation isn’t artificially inflated by three superstars; it requires deep, systemic investment across the entire line of scrimmage.

Ohio State’s $20.5 Million Revenue-Sharing Allocation vs Total Roster Value

Ohio State announced that it anticipated approximately $20.5 million in direct student-athlete compensation for the 2025-26 academic year, with the allocation expected to increase by at least 4% annually.

The university also stated that it intended to fully fund the amount while maintaining its 36 intercollegiate sports. That figure should not be treated as the football team’s $20.5 million payroll.

Ohio State’s $20.5 million allocation applies to the athletic department. Reporting on the university’s implementation indicated that ~$18 million was available for direct athlete payments after the treatment of additional scholarship costs, with initial direct payments concentrated in football, men’s basketball, women’s basketball and women’s volleyball. Ohio State has not publicly disclosed the precise amount allocated to football.

The distinction can be summarized simply:

$38.0 million: estimated market value of 80 Ohio State football players.
$20.5 million: Ohio State’s broader anticipated direct student-athlete compensation allocation.
Actual player earnings: determined by individual contracts and compensation arrangements.
Outside NIL: separate commercial income that can include brand agreements, sponsorships and other activities.

The numbers are related, but not interchangeable.

Third-Party NIL Adds Another Revenue Layer

The House v. NCAA settlement didn’t bottle up player compensation, it institutionalized it. While schools can now share revenue directly with athletes, the private market is still thriving.

Federal guidelines and the IRS still allow student-athletes to stack non-institutional private agreements and collective deals, provided they pass a “valid business purpose” test. And that market has exploded into a massive financial engine.

According to data released by the College Sports Commission (CSC), the regulatory body cleared more than $227 million in NIL deals over a single two-month summer window, processing thousands of contracts.

Of that total, roughly $188.6 million involved “associated entities” (boosters or collectives tied to schools) requiring strict compliance reviews, while the rest came from traditional, independent corporate sponsors.

This matters directly for Ohio State. A $38 million roster valuation isn’t just a reflection of institutional checks; it’s a snapshot of a hybrid economy where multiple income streams collide:

Institutional Revenue Sharing: Direct checks from the university athletic department.
Third-Party Collectives: Booster-backed or associated entity support cleared through the CSC.
Independent Commercial Deals: A star receiver signing a national apparel contract, a quarterback anchoring an ad campaign, a volleyball player monetizing social media, or a baseball player cashing in on custom merchandise.

The revenue source changes, but the underlying financial reality remains identical: a top-tier athlete’s earning power extends far beyond what any university payroll can write.

Corporate Sponsorship Also Contributes to the Athlete Economy

Ohio State’s commercial relationships provide another example of how institutional and individual athlete economics increasingly overlap. In July 2026, Ohio State announced a partnership with JPMorgan Chase covering all 36 varsity sports, including a jersey-patch relationship and resources supporting student-athletes and NIL opportunities.

ESPN reported the deal at approximately $17 million annually, although the university did not publicly disclose the full financial terms. The significance is not simply the size of one sponsorship, its that a large athletic brand creates an audience that pays.

That audience has commercial value to corporations, and some of that value can eventually reach individual athletes through sponsorships and other NIL opportunities. The university brand, team brand and individual athlete brand increasingly operate within the same commercial ecosystem.

Ryan Day’s $12.5 Million Contract Is a Separate Financial Category

Ohio State head coach Ryan Day has a seven-year contract running through the 2031 season with $12.5 million in annual compensation, including a $2 million base salary. The agreement was announced after Ohio State’s 2025 national championship.

Contract reporting also identified an $11.5 million school buyout for each remaining year, a $6 million coach buyout, potential bonuses (incentives), of up to $1.55 million annually and a $250,000 retention bonus in 2027.

Day’s compensation is not included in the $38 million NIL roster valuation. His contract is compensation for the head coach; the $38 million is an estimate of player market value.

The comparison is still useful because it illustrates the scale of the organization. Ohio State is simultaneously operating a football roster with approximately $38 million of estimated player market value and a head-coach compensation package worth $12.5 million annually.

The athletic department also operates 36 varsity programs and a significant corporate partnership business. College athletics increasingly requires financial analysis that accounts for all of these layers rather than treating NIL as a single payment from a school to an athlete.

Gross NIL Value Is Not Net Income

For an athlete, four different financial concepts should be kept separate:

Market valuation: estimate of what athlete may be worth in the market.
Gross income: compensation actually received.
Net income: what remains after applicable taxes and expenses.
Wealth: accumulated productive assets after spending and liabilities.

The IRS states that NIL income is generally taxable, including non-cash compensation such as merchandise, gift cards and services.

Depending on the structure of the relationship, an athlete may receive a W-2 or 1099-NEC, and income from personal services can be subject to federal tax, state-income taxes, and also additional employment or self-employment taxes depending on filing status.

Athletes also need to track expenses associated with producing NIL income and the locations where services are performed because state tax obligations can arise in more than one jurisdiction.

That means financial planning should begin when an NIL agreement is signed, not when the tax return is prepared.

Ohio’s 2026 Tax Structure

Ohio’s individual income-tax structure changed for 2026. Under the current law, taxable years beginning in 2026 and later apply $332 plus 2.75% of taxable income above $26,050 under the individual tax calculation.

Ohio therefore offers a relatively low state-income-tax rate compared with high-tax states, but it would be incorrect to conclude that an Ohio State athlete simply pays 2.75% on NIL income.

For many college athletes, the decision of where to play goes beyond the playbook; it shapes where they build their long-term lives.

Statistically, athletes tend to gravitate back “home” or plant permanent roots in their college states after their playing days wrap up.

If you are parking millions of dollars in capital in central Ohio, the local economic ecosystem acts as a massive financial multiplier. Navigating the financial reality of playing in Columbus involves several key factors beyond just the state income tax:

The 2.75% Income Tax Baseline

While high-profile earners face a 37% federal rate and a 15.3% self-employment bite, Ohio’s state income tax remains a flat 2.75% on income over $26,050. Compared to coastal powerhouses where state rates soar past 10% (like California), Ohio preserves massive amounts of liquid capital.

Cost of Living Advantage

Central Ohio’s cost of living tracks 7% to 9% below the national average. Combined with local housing markets that remain more accessible than major coastal metros, a dollar retained in Columbus simply buys more real estate, goods, and services.

Sales Tax Realities

While the state base sits at 5.75%, local county and transit additions bring the combined retail sales tax rate in Franklin County to 8.00%.

Property Tax Considerations

For athletes transitioning from dorms to purchasing luxury real estate or multi-family investments around the university, factoring in Ohio’s specific property tax rates is vital for long-term cash flow.

(Want to compare how Ohio’s tax structure stacks up against other sports hubs across the country? Dive into the complete breakdown over at the APSM State Tax Glossary for a full analysis of residency rules, multi-state athlete filing, and domicile compliance.)

Ultimately, an athlete’s net wealth isn’t just about what they earn on paper, it’s about how efficiently their home base lets them keep, spend, and compound it.

APSM Net-Income Model: Net Reality

Because individual tax returns and representation contracts are private, the APSM framework uses an illustrative model to determine an athlete’s true take-home liquidity. Relying on headline valuations is dangerous, we must account for the specific tax codes, agency structures, and independent contractor classifications governing Ohio State athletes in 2026.

Federal & Self-Employment Taxes

NIL income is generally filed as 1099 independent contractor revenue. This means athletes are hit with the 15.3% Self-Employment tax (covering both the employer and employee sides of FICA) on top of standard federal income tax. For a top earner, the marginal federal rate hits 37%.

However, a rotational player earning $50,000 sits in a much lower 12% to 22% tax bracket, allowing them to retain a significantly higher percentage of their gross income.

The 2026 Ohio Tax Advantage

Thanks to Ohio’s newly implemented 2026 state budget, top earners now benefit from a simplified flat tax rate of 2.75% on income over $26,050.

This provides a massive geographic advantage for Ohio State athletes compared to peers in New York (10.9%), preserving hundreds of thousands of dollars in wealth.

The NIL Agency Premium

Standard professional sports playing contracts cap agent fees at roughly 3%. However, commercial NIL deals, endorsements, and venture sponsorships operate differently.

Because agents assume the risk that a college player may never become a professional superstar, they front-load their commissions, routinely charging 10% to 15% on collegiate marketing deals.

When you combine top-bracket federal taxes, a 15.3% self-employment burden, the 2.75% Ohio flat tax, and a blended 12% agency fee, a top-tier millionaire athlete is likely retaining roughly 45% to 50% of their gross valuation.

Here is what the net-liquidity model looks like for Ohio State’s top five earners, assuming a highly conservative 48% retention rate for top-bracket taxpayers:

Player	Gross 2026 Valuation	Est. Deductions (Taxes + Agency)	Illustrative Net Capital (48%)
Jeremiah Smith	$5,000,000	$2,600,000	$2,400,000
Julian Sayin	$2,496,734	$1,298,301	$1,198,433
Kenyatta Jackson Jr.	$1,599,700	$831,844	$767,856
Phillip Daniels	$1,242,792	$646,251	$596,541
Beau Atkinson	$1,138,419	$591,977	$546,442

For wealth-management purposes, the combined $11.48 million top-five valuation translates to roughly $5.5 million in actual, deployable capital.

Converting NIL Income: The Ohio Tax Advantage

The most critical wealth-building factor for an Ohio State athlete isn’t just how much they make, but where they live. Columbus, Ohio currently boasts a cost of living that is 7% to 9% below the national average.

A dollar retained in Columbus stretches significantly further than a dollar in Los Angeles or Miami, leaving more cash available for aggressive investing. Furthermore, the human reality of wealth building is psychological: athletes frequently establish permanent roots in their college states or hometowns, seeking familiarity and long-term community ties.

Consider a hypothetical athlete who nets $2.4 million after taxes and fees. After reserving cash for housing, lifestyle, and family obligations, they might allocate their capital to take advantage of the local market:

Diversified Index Funds (20% – $480,000):

The greatest asset a 20-year-old athlete possesses is a long time horizon. If a $480,000 index fund or mutual fund portfolio generates an illustrative 8% annual return, it would grow to roughly $2.2 million in 20 years through compound interest, before the athlete even reaches the midpoint of their adult life.

Central Ohio Real Estate (15% – $360,000):

This allocation could serve as a 20% down payment on a $1.8 million primary residence or multi-family investment property in the state of Ohio, or in the state that an athlete calls home.

Over the last decade, Columbus real estate has experienced an aggressive average annual appreciation rate of 8.6%, placing it in the top 10% of housing markets nationally.

By staying “home” for Ohio-born players and buying property around the university or in suburban Columbus, athletes are parking capital in a historically high-growth regional asset.

Liquid Reserves & Lifestyle (65% – $1,560,000):

Capital required for immediate living expenses, supporting family, private training, vehicle purchases, and short-term emergency savings. NIL is not just spending money.

Properly managed, it is the seed capital required to transition from a collegiate athlete into a permanent owner of compounding assets.

The 3-Year Wealth Window: What Ohio State’s Top 5 Could Accumulate

To truly understand the scale of modern college-era capital accumulation, we have to project these valuations over time.

If we assume, purely as a mathematical modeling exercise, that each of Ohio State’s top five earners generates gross compensation equal to their current annualized valuation for three seasons, the numbers rival NFL rookie contracts.

Here is what that three-year gross financial footprint looks like:

Player	Current Annualized Valuation	Hypothetical 3-Year Gross
Jeremiah Smith	$5,000,000	$15,000,000
Julian Sayin	$2,496,734	$7,490,202
Kenyatta Jackson Jr.	$1,599,700	$4,799,100
Phillip Daniels	$1,242,792	$3,728,376
Beau Atkinson	$1,138,419	$3,415,257
Combined Total	$11,477,645	$34,432,935

Why This Data Matters

While a combined $34.4 million figure is an eye-opening projection, it is important to remember that this is an illustrative baseline, not a guaranteed forecast. Player valuations fluctuate, athletes transfer, and actual localized contracts can differ wildly from estimated open-market value.

However, this data exercise proves a fundamental shift in the sports economy:

At the highest tier of college athletics, players are accumulating life-changing capital before ever stepping foot on a professional field.

This reality completely rewrites the starting line for their professional careers. Consider the financial trajectory of two rookies entering the NFL on identical contracts:

Player A enters the league with $50,000
Player B (a top-tier NIL earner) enters the league with a $2 million compounding investment portfolio and a $1 million cash-flowing real estate asset already established.

Even if their NFL salaries are exactly the same, their financial realities are entirely different.

The modern college athlete is no longer just playing for a draft grade; they are playing to enter the professional ranks as an established investor with a bulletproof financial foundation.

Broader Financial Meaning of Ohio State’s Roster

The 2026 Ohio State roster isn’t just a football team; it is a fully operational financial enterprise. We have officially crossed the threshold from amateur athletics into a complex, multi-tiered economic system.

Just look at the capital on the table: a $38 million estimated roster valuation, a $20.5 million institutional revenue-sharing cap, and a head coach earning $12.5 million a year to manage it all.

When you realize the majority of that $38 million is tied up in player retention, the modern reality of the sport becomes clear. In the transfer portal era, keeping the talent you already developed is just as expensive as acquiring it. This ecosystem fundamentally changes the job description for everyone involved:

For Athletic Departments: Roster building is now a high-stakes exercise in corporate capital allocation, balancing direct compensation, recruiting, and retention.
For Agents: Contract negotiations require navigating complex state tax structures, contingent collective payouts, and private equity money.
For Corporate Sponsors: Brands now have a direct line to individual athletes whose personal platforms often rival the reach of the universities they play for.

But the most profound shift belongs to the players. The athletes who take the time to understand contract structures, tax liabilities, and compound interest have a unique, unprecedented opportunity to convert a short window of college earning power into multi-generational wealth.

Ohio State’s massive payroll proves that elite athletic talent is now a recognized economic asset class. For this new generation of athletes, the most critical question is no longer how much money they can make before turning pro, it is how much of that money they can actually keep.

Ohio State 2026 NIL Roster FAQs

What is Ohio State’s 2026 football roster worth?

The NIL Standard values Ohio State’s 2026 football roster at $38.0 million across 80 active players. This makes the Buckeyes the second-most valuable roster in the Big Ten and fourth nationally. Rather than simply buying a new team every offseason, this massive valuation is largely driven by retention. In modern college sports, paying to keep elite, developed talent on campus requires the same financial firepower as acquiring new players from the transfer portal.

Who is Ohio State’s highest-valued player?

Wide receiver Jeremiah Smith commands the top spot with a projected 2026 gross NIL market value of $5 million. Smith’s financial footprint extends far beyond localized collective payouts—he has leveraged his on-field dominance into a massive commercial brand, securing national endorsement deals with Red Bull, Lululemon, KeyBank, American Eagle, and EA Sports. In April 2026, Smith noted he could have commanded over $10 million on the open transfer market, but opted to stay in Columbus.

Who are Ohio State’s five highest-valued players?

The top of Ohio State’s payroll highlights a heavy financial premium placed on the passing game and the trenches. The top five players account for roughly 30% of the entire $38 million roster valuation:

Jeremiah Smith (WR): $5,000,000
Julian Sayin (QB): $2,496,734
Kenyatta Jackson Jr. (EDGE): $1,599,700
Phillip Daniels (OT): $1,242,792
Beau Atkinson (EDGE): $1,138,419

How much does Ryan Day make at Ohio State?

Head coach Ryan Day earns $12.5 million annually under a seven-year contract running through the 2031 season. In the current era, a college football head coach essentially operates as a corporate CEO managing a $38 million localized payroll. Day’s compensation reflects the stakes of balancing multimillion-dollar player retention efforts with a massive $37 million contract buyout structure that financially binds the university.

How much does Ohio State directly pay athletes?

Under the NCAA’s new post-settlement revenue-sharing model, Ohio State shares up to $20.5 million annually directly with its athletes. However, this is not a football-only salary cap that $20.5 million must be distributed across the athletic department’s 36 sports, navigating Title IX requirements alongside major revenue drivers. The multimillion-dollar gap between the university’s institutional cap and the football team’s $38 million roster valuation is bridged by third-party NIL collectives and independent commercial endorsements.

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Disclaimer: This article contains general financial information for educational purposes and does not constitute professional advice. APSM estimates are derived from publicly available information, tax assumptions, finance modeling, and industry-standard fee structures. Actual earnings may vary based on residency elections, private contract provisions, image/media rights agreements, bonuses, and tax filings.