According to the school, Meyer will coach the team through the Rose Bowl before handing over the coaching duties to Day, who takes over as the next Ohio State coach on January 2, 2019. Meyer is stepping down from Ohio State after the game and offensive coordinator Ryan Day will take over as the team's new coach.
A 2 p.m. news conference has been scheduled.
On the field, Meyer is one of the winningest college coaches of this modern era having won 85 percent of his games during his 17-year coaching career. The cyst has caused consistent headaches for Meyer, increasing concern for his health, says the reports.
But perhaps most important to Ohio State fans, Meyer is a flawless 7-0 against rival MI. If Florida State is mired in mediocrity for the next two years, they could pull the plug and chase Meyer to see if he'd be interested in returning to the Sunshine State.
At Florida, he retired in similar fashion after the SEC Championship in the 2009 season, then unretired and stayed at Florida for one more year.
Urban Meyer has chose to walk away from coaching, ending his tenure at Ohio State after seven seasons.
After beginning his head coaching career at Bowling Green, Meyer moved on to Utah and had a ideal 12-0 season in 2004 before stepping into the spotlight when he accepted the top job at Florida in 2005.
There was even speculation back in September that Day was being groomed in a sort of coach-in-waiting situation if or when Meyer made a decision to step away from coaching.
Ohio State's national championship after the 2014 season put Meyer in elite company.
At 54, Meyer is relatively young for a football coach, but health issues reportedly played a role in his decision. But the 54-year-old coach has previously cited health concerns. He also was reproached for what some saw as overly lax treatment of Zach Smith, the assistant coach who was accused by his ex-wife of domestic abuse. He's a second-year Ohio State assistant who had never before been a head coach.
Among coaches who were active in 2018, Meyer ranked No. 3 in wins behind Alabama's Nick Saban and Kansas State's Bill Snyder. He heads into the game with an 82-9 record during his Ohio State tenure, including a ideal record over archrival MI. When asked about it at last week's Big Ten Championship Game, he dropped a "No comment". It appeared to be a dream job for the Toledo native and success quickly followed. He was the wide receivers coach at Notre Dame from 1996-2000 before moving on to his first head-coaching job, directing Bowling Green from 2001-02 before leaving for the same post at Utah. Day has singed a five-year contract worth $4.5 million per year.