The colors are pure Americana, the stars represent Ohio's place as the 17th state, and it even has big a "O" on it. On the off chance that Ohioans would ever want to try a more traditionally shaped flag, I have a suggestion.
This is the flag of Cincinnati, an interesting pattern with a big letter "C" on it and three wavy, blue lines meant to represent the Ohio River (I assume, I may be wrong), and the seal of the city in the center:
Using this flag as a template, I've created one that works for the entire state. Ohio is bordered by two significant bodies of water, the Ohio River on the south and south-east and Lake Erie on the north, and I think I've captured that, along with the "O," without which Ohio's flag just wouldn't be the same:
I tried making the central stripe green to represent the verdant fields of the land, but the colors just didn't look right, so I'm sticking with the red, white, and blue.