Burns Hargis said he had been authorized by the OSU Board of Regents to carry out "a thorough and expeditious investigation" of alleged payments and other favors given to players reported last week by Sports Illustrated.
Hargis said the school has hired Charles Smrt of the Compliance Group consulting firm, which specializes in compliance audits and the review of information concerning potential NCAA violations.
The SI series "The Dirty Game" reported thousands of dollars were handed out to players and recruits, mostly from 2001-07, coming from boosters and assistant coaches.
The magazine also reported school work was done for players, marijuana was smoked before games and sexual favors were arranged for recruits.
"While the articles do not implicate any current coaches or players to have direct involvement in any alleged misconduct, we have a responsibility to confront these disturbing reports head on and with complete transparency," Hargis said.