Ohio State junior Jeremiah Smith caught a 23-yard pass from quarterback Julian Sayin during Saturday's Cotton Bowl semifinal against Texas and became the Buckeyes' all-time receiving yards leader, passing Michael Jenkins' mark that stood since 2003. Smith entered the game needing 68 yards to claim the record. He finished with the milestone on his third reception of the first quarter.
Smith arrived at Ohio State in 2023 as the nation's top-ranked wide receiver and immediately delivered production that justified his reported $1.5 million annual NIL valuation. Through 38 games, he has accumulated more receiving yards than any player in program history, eclipsing Jenkins' 2,898 career yards. Smith still trails in career receptions—he sits 47 catches behind Jenkins' 165—and career touchdowns, where Cris Carter's 27 remains the program standard. Both marks are within reach if Smith returns for his senior season in 2025.
The record matters because Ohio State operates the most sophisticated NIL infrastructure in college football. The program's collective, The Foundation, manages roughly $20 million in annual athlete payments, and Smith represents the anchor asset. His production validates the investment thesis that elite skill-position players generate measurable return through ticket sales, merchandise, and donor engagement. One athletics department source noted that Smith's jersey became the top-selling item in Ohio State's team shop within three weeks of his first game, moving 3,200 units at $85 retail before the 2023 season ended.
The timing also creates leverage. Smith is projected as a top-ten pick in the 2026 NFL Draft if he declares after this season, but returning for 2025 would position him to claim all three major receiving records while potentially increasing his draft stock. It also extends his NIL earning window. Brand partners who signed Smith to deals structured around his Ohio State tenure—including a local automotive group and a Columbus-based real estate firm—are now recalculating renewal terms. One NIL advisor familiar with the Columbus market said Smith's camp has fielded inbound interest from two national athletic apparel brands in the past ten days, both exploring endorsement structures that bridge his final college season into his rookie NFL year.
The scholarship economics deserve mention. Ohio State's 2024 roster carried an estimated $13 million in NIL obligations across 85 scholarship players, but Smith alone represents roughly 11 percent of that total. His production—94 receptions, 1,511 yards, and 16 touchdowns through the 2024 season—validates the allocation model. Athletic directors at peer programs have privately questioned whether concentrating that much capital on a single position creates roster imbalance, but Ohio State's 13-1 record heading into the playoff semifinal suggests otherwise.
Smith's record also resets the negotiating baseline for future Ohio State receivers. The program's 2025 recruiting class includes two five-star wideouts, both of whom signed NIL agreements rumored to start near $800,000 annually. Smith's production provides the data point those deals reference. One Big Ten compliance officer noted that Ohio State now has a "comparable standard" argument for any future NIL negotiation involving a blue-chip receiver: if you want Jenkins' record, this is the market rate.
Watch whether Smith announces his 2025 intentions before the national championship game on January 20. If Ohio State advances past Texas, his decision timeline compresses. Returning for a senior season would make him the highest-paid non-quarterback in college football and position him to own every major Ohio State receiving record outright. Leaving now means foregoing roughly $1.5 million in NIL earnings but accelerates his path to an NFL rookie contract worth north of $20 million guaranteed. His representation—CAA Sports—has fielded calls from three NFL agents in the past week, all positioning for the mandate.
The Foundation's board meets the first week of February to finalize 2025-26 budget allocations. Smith's name is the first line item.
The takeaway
Smith's record resets Ohio State's NIL pricing model for elite receivers and forces a draft-timing decision worth **$1.5 million** either way.
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