Ohio State announced a record jersey patch deal with JPMorgan Chase on Tuesday.
The banking institution will reportedly pay Ohio State $17 million per year in exchange for having its logo on the jerseys of the university’s 36 sports teams. The agreement, which is believed to be the richest college sports jersey patch deal yet, will also reportedly include NIL opportunities for OSU athletes.
The university would not confirm the value of the pact, with all financial and term information confidential. An Ohio State spokesperson did tell Front Office Sports the deal “matches the size and strength of the Ohio State brand and the size and strength of JPMorgan Chase.”
JPMorgan Chase did not immediately respond to a request for comment.
Ohio State becomes the fourth school in the Big Ten to announce a jersey patch deal, joining Illinois (Busey Bank), Michigan State (MSUFCU), and Wisconsin (Culver’s). Illinois and Busey Bank’s agreement is worth significantly less than OSU’s at $6 million per year.
The valuation of the deal is eye-popping, especially in comparison to the recent jersey patch deal between the Big 12 and Monster Energy. The Big 12 will receive $20 million per year through the agreement, which equates to around $1 million per school.
In return, Monster Energy will have co-branded patches on all Big 12 football and men’s and women’s basketball jerseys and fields/courts. Additionally, the Big 12 football and men’s and women’s basketball regular seasons will be referred to as “Monster Energy Big 12 Football” and “Monster Energy Big 12 Basketball,” respectively.
The Big 12-Monster deal drew plenty of criticism, with industry sources calling it “objectively, a terrible deal” while saying the schools are worth more than what they will receive.
“The price point shocked me,” CFB analyst Josh Pate told FOS earlier this month. “It’s not a situation where when someone wants to attach their brand to yours you just take whatever amount they’ll give you. You define your value.”
Ohio State and Chase’s deal is so large it exceeds several NBA jersey patch deals. Upper-end agreements for teams like the Knicks, Warriors, and Lakers range from $30 million to $50 million per year, but the average deal is worth around $10 million per season.
