Update: As stipulated in an updated term sheet signed by Grinch on Thursday, Ohio State will also pay Grinch a $250,000 signing bonus upon the execution of his formal contract with the university. Grinch reportedly owes a $250,000 buyout to Washington State, according to USA TODAY's Steve Berkowitz.

The updated term sheet can be seen below.

New Ohio State football assistant coach Alex Grinch is set to make $800,000 in 2018 as part of a two-year deal, according to a term sheet signed by Grinch and Ohio State athletic director Gene Smith this week, obtained by Eleven Warriors through a public records request.

Grinch's contract, which has not yet been finalized, will run through Jan. 31, 2020. He will be eligible for a compensation increase, at an amount that has also not yet been finalized, for the 2019 season.

The term sheet does not indicate what Grinch's specific coaching responsibilities will be.

Grinch previously made $600,000 as Washington State's defensive coordinator.

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Co-offensive coordinator and quarterbacks coach Ryan Day is also set to make $800,000 in 2018, making Day and Grinch currently the two highest-paid coaches on the staff. Ohio State offensive coordinator and tight ends coach Kevin Wilson is set to make $750,000 in 2018. That said, Ohio State's other seven assistant coaches are likely to receive increased compensation when their contracts are renewed for 2018, as all of their contracts are set to expire in either January or April.

Should Ohio State win a Big Ten East title over the next two years, Grinch would receive a bonus of 8.5 percent of his base salary. Should Ohio State win a Big Ten Championship Game over the next two years, Grinch will receive an additional bonus of 4.25 percent. Grinch will receive a 21.25 percent bonus if Ohio State makes the College Football Playoff semifinals, while that bonus would increase to 25.5 percent if the Buckeyes make the national championship game.

Grinch will also receive a stipend of $600 per month to cover automobile costs, six football season tickets and two men's basketball season tickets.