If statement what is wrong with my formula?

The easiest way of seeing what you're doing wrong is by substitution. Try using something like "True and False" substitution method in my example, it works for me almost every-time.. Anyhow this is the solution I believe, it was also mentioned above in many other examples. Good luck.

=IF(I89="Pepsi Direct",
    True ->>> "15 or 225$ Rev",
    False ->>> IF(H89="Large Format",
        False True -->> VLOOKUP(B89,LF_List,3,FALSE),
        False False -->> IF(H89="Small Format",
            False False True -->> IFERROR(VLOOKUP(B89,OTS_List,2,FALSE)),
            False False False -->> "22")


     ,IF(H89="FoodService Format",
       True -->> "-",
       False -->> ""
 )))