Ohio State head-coach-in-waiting Ryan Day answers questions from the media during a press conference at the Fawcett Center on Dec. 4. Credit: Amal Saeed | Assistant Photo EditorRyan Day has spent only three games as head coach of Ohio State, but when he takes the reins as the full-time head coach on Jan. 2, 2019, he will immediately become one of the highest paid coaches in college football.Day will be the head coach for five years and will receive an annual pay of $4.5 million, according to his term sheet obtained by The Lantern. His contract will give him a base salary of $850,000, with media, promotions and public relations adding $2.39 million, equipment deals giving him $1.25 million and a Coca-Cola appearance of $10,000.On top of that, Day will receive separate retention payments of $250,000 if he is still the Buckeyes head coach on Jan. 31, 2022, and Jan. 31, 2024.According to a database of college football coaches’ salaries by USA Today, $4.5 million would place Day as the 18th-highest paid coach in college football. The database said Urban Meyer made $7.6 million this year, second only to Alabama’s Nick Saban, who made $8.3 million.Day was named the head coach in waiting after Meyer announced his retirement Tuesday afternoon. Day, formally the offensive coordinator, served as acting head coach when Meyer was suspended for the first three games of the season. He was paid $487,000 for his time at the helm.As offensive coordinator, Day made a base salary of $810,000 that, with incentives, could have reached as high as $1.1 million.The term sheet also lists academic bonuses for his team’s success in the classroom. He would receive $50,000 if his team has a cumulative GPA of 3.0, $100,000 if the team reaches 3.3 and $150,000 if the team averages a 3.5 GPA. The GPAs are based off both fall and spring semesters and he would receive the bonuses on May 30 each year.Of course, Day will also be rewarded for the team’s success on the field. If Ohio State wins the Big Ten East, he will be given a $50,000 bonus. On top of that, he can receive an additional $100,000 if his team wins the conference. Should the Buckeyes make it to a College Football Playoff bowl game, he will be given a $200,000 bonus. If that bowl game is a CFP semi-final game, the bonus is $250,000, however, he would receive a $350,000 if he leads the team to the finals. Should he find personal success, winning Big Ten Coach of the Year, Day would receive $50,000. He could also receive $75,000 if he is named National Coach of the Year.The term sheet also gives him an automobile stipend of $1,200 per month. Day will also be given a chance to enjoy his leisure time, with Ohio State providing Day with a membership to a mutually agreed upon golf course. The university would pay any monthly dues, but Day has to pay any personal expenses with the membership.A private jet will be available for Day to use on any university business, including recruiting visits in time not exceeding 50 hours per year. Day can also use the aircraft for 50 personal hours per year.Day can treat his family and friends to tickets to Ohio State football games with 12 football tickets per home game and five press booth credentials, with the option to buy 20 additional home tickets. Day’s spouse and family will be granted access to a suite for the games. Day will also receive two parking passes per home football game. He also will be given two tickets per home men’s basketball game.