In the press release, it was also revealed that Day will make $5.375 million in 2020, $6.5 million in 2021 and $7.6 million in 2022 after making $4.5 million in 2019 before bonuses.
Day is 16-1 in parts of two seasons as OSU's head coach. Last season, the Buckeyes went 13-1, won the Big Ten title and reached the College Football Playoff, where they fell to Clemson in the Fiesta Bowl.
Ohio State Athletic Director Gene Smith added:
"Ryan Day's management of this football program, from mentoring and leading our student-athletes in their academic pursuits and off-field endeavors to coaching them on the playing field, has been exceptional. I am appreciative of his work. And I want to thank President Michael V. Drake for his leadership and the Board of Trustees for its work with this extension."
Day served as the Buckeyes' interim head coach for three games in 2018 during Urban Meyer's suspension, and when Meyer retired at the conclusion of the 2018 campaign, Day was named his full-time replacement.
The transition was a smooth one, as Day led an Ohio State team that ranked third in the nation in scoring (46.9 points per game) and fourth in points against (13.7).
Under Day's leadership, quarterback Justin Fields developed into a Heisman Trophy-contending star, and defensive end Chase Young further cemented his status as one of the top selections in the 2020 NFL draft.
Day also became the first Ohio State head coach to be named Big Ten Coach of the Year since Earle Bruce in 1979.
Even with Young, cornerback Jeff Okudah and running back J.K. Dobbins entering the 2020 draft, the Buckeyes are loaded for next season. With Day calling the shots and Fields presumably taking another step, OSU has a legitimate chance to win its first national title since the 2014 season.