Ohio State officially announced it has decided to part ways with coach Chris Holtmann.

That news was previously reported on Wednesday afternoon. Per Ohio State’s announcement, Holtmann will be owed a buyout of $12.8 million. His contract was set to run through the 2027-28 season.

“I want to express my appreciation toward Chris for the first-class program, and the well-respected program, he has run here at Ohio State,” athletic director Gene Smith said in a statement. “He and his wife, Lori, are wonderful people. I thank each of them for their seven years here in Columbus and I wish them well.”

It was Smith’s decision to part ways with Holtmann, per the press release. Smith is set to retire this year and will be replaced by former Texas A&M athletic director Ross Bjork. Per the press release, Bjork will lead Ohio State’s search for its next head men’s basketball coach. Bjork will begin work on March 1 as a senior advisor to the athletics director before officially taking over as AD on July 1.

Ohio State also announced that Jake Diebler will serve as the program’s interim head coach for the remainder of the season. Diebler was previously the associate head coach on Holtmann’s staff.

Holtmann spent nearly 7 seasons at the helm in Columbus. Ohio State reached the NCAA Tournament 4 times under Holtmann, but is on track to miss the Big Dance for the second straight year in 2024. The Buckeyes are just 4-10 in Big Ten play this season. Ohio State also never reached the Sweet 16 under Holtmann’s leadership.