Theodoric went to Ravenna, where a feast was planned for 15 March 493 to celebrate their treaty. Theodoric made a toast to honor his co-ruler, drew his sword, and sliced Odoacer from collarbone to thigh. His men killed Odoacer's retainers, and Theodoric proclaimed himself King of Italy.
He was now King of the Ostrogoths (since 471), and King of Italy, so he had room in which his people could settle. He realized the danger of spreading some tens of thousands over too wide an area, rendering them less able to defend themselves and more difficult to gather together if he needed an army. He concentrated the Ostrogoths in Ravenna (his capital), Pavia, and Picenum. Theodoric ruled Italy from 493 until his death in 526.
Of all the "barbarian" groups that overtook Rome, Theodoric and the Ostrogoths were the ones who most wanted to maintain Roman culture. Theodoric issued his own coins (see illustration), he made laws that ensured fairness for Goths and Romans, and he mandated religious tolerance. Romans were Trinitarian Christians (literally "Roman" Catholics), while Theodoric and the Goths were Arians. He also promoted rebuilding of Roman cities, especially in Ravenna, where he rebuilt walls, aqueducts, churches, baths, and other structures and amenities.
One of his enduring buildings is his mausoleum, one of those ancient edifices that causes modern architects to ask "How did they do that?" I'll talk more about Theodoric's end tomorrow.