Xeviat
Dungeon Mistress, she/her
Ogres are perfectly in-line with what the monster creation guidelines in the DMG lay out as the normal process of determining CR - which is incredibly easy to do, even while not matching the math portion precisely, because part of the process is to adjust final CR up or down based on play-testing information.
And since an ogre deals enough damage in one hit to put a 1st level character out of the fight with a single hit, or outright kill a 1st level character with a critical hit, it's not at all surprising that the final CR was bumped upward from the CR 1 the math comes out to for a final result of CR 2.
Doesn't the Bugbear do more damage than the ogre with its surprise ability? By your assessment, the ogre could have its defenses adjusted (Moar HP!) and still be "balanced", since he defensive side of its CR is so bad.
For my own use, I added the following things to the ogre:
Reckless Attack
Multiattack: two great club or javelin
Club Sweep: Targets adjacent creatures in a 15 ft "line" (so three squares adjacent to each other and adjacent to the ogre) for Dex save DC 14 or take 2d8+4 bludgeoning and be knocked back 10 feet; save for half and no knockback.
I'm starting to think that big giant things should Attack Reflex instead of AC, since your armor and shield isn't going to do too much absorbing the impact of a giant's big ol' weapon.
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