Current flag:
This is actually okay, except for the shape. The “O,” which I don’t count as text since it appears as a circle, represents Ohio, and the 17 stars represent it as the 17th State. The swallowtail is annoying, though. I think all flags should be 2:3 rectangles.
My Redesign:
I kept the same colors and symbolism, but I changed the layout. The star in the middle of the “O” is for Ohio, and the other 16 are for the states that came before it. The colors from the original flag are kept.