That storied tradition, though, is now undergoing yet another change.
A few years ago, the jump moved from the Thursday night before the game to Tuesday after the Big Ten extended the conference season past Thanksgiving weekend.
Now, Ohio State appears to be stepping in to regulate what has been generally been an out-of-control event.
Students who plan to take part or even watch will now need a wristband to receive access to the lake, the university said in an email to students, according to the student newspaper The Lantern.
Students are also asked to limit drinking and may be denied access to the lake if they are too inebriated.
"We are aware that some of you may be planning to jump into Mirror Lake that evening. We do not encourage you to jump, especially due to the extreme cold temperatures that are expected. However, the wellbeing of Ohio State students is our top priority and we will take efforts to make sure this activity is managed in a way that maintains appropriate levels of safety and security," OSU said in the email, per The Lantern.
"In an effort to best ensure that Mirror Lake is a safe feature on our campus, we will add a number of enhanced safety and security measures for this activity. Access will be granted to those with Beat Michigan wrist bands (available at the Ohio Union as detailed above) beginning at 6:30 p.m. through one designated entry point and there will be several exit points. Wrist bands are needed even for those who are only watching. Students who are incapacitated and unable to care for themselves may not be granted entry."
The only entry point will be located east of the Lake in the entrance to Mirror Lake hollow.
Previously, the university has not sanctioned the event but OSU Police have provided security services.
Traditionally, most students mass at the east, shallowest end of the lake for the jump. Most participants simply jump in, splash about for a few seconds and get out, though some are known to bring rafts and other floatation devices. Members of the OSU band have performed, and student-athletes often watch the revelry, though football players do not jump in.
The jump, which traditionally features thousands of students, has been a fixture on OSU's campus since the 1990s.