Here, we demonstrate that the relationship between reactivity and thermodynamics in radical ligand transfer chemistry can be understood if this chemistry is dissected as concerted ion-electron transfer (cIET). Namely, we investigate radical ligand transfer reactions from the perspective of thermodynamic contributions to the reaction barrier: the diagonal effect of the free energy of the reaction, and the off-diagonal effect resulting from asynchronicity and frustration, which we originally derived from the thermodynamic cycle for concerted proton-electron transfer (cPET). This study on the OH transfer reaction shows that the three-component thermodynamic model goes beyond cPET chemistry, successfully capturing the changes in radical ligand transfer reactivity in a series of model Fe-OH⋯(diflouro)cyclohexadienyl systems. We also reveal the decisive role of the off-diagonal thermodynamics in determining the reaction mechanism. Two possible OH transfer mechanisms, in which electron transfer is coupled with either OH and OH transfer, are associated with two competing thermodynamic cycles. Consequently, the operative mechanism is dictated by the cycle yielding a more favorable off-diagonal effect on the barrier. In line with this thermodynamic link to the mechanism, the transferred OH group in OH/electron transfer retains its anionic character and slightly changes its volume in going from the reactant to the transition state. In contrast, OH/electron transfer develops an electron deficiency on OH, which is evidenced by an increase in charge and a simultaneous decrease in volume. In addition, the observations in the study suggest that an OH/electron transfer reaction can be classified as an adiabatic radical transfer, and the OH/electron transfer reaction as a less adiabatic ion-coupled electron transfer.