We consider counterterms for odd dimensional holographic CFTs. These counterterms are derived by demanding cut-off independence of the CFT partition function on $S^d$ and $S^1 times S^{d-1}$. The same choice of counterterms leads to a cut-off independent Schwarzschild black hole entropy. When treated as independent actions, these counterterm actions resemble critical theories of gravity, i.e., higher curvature gravity theories where the additional massive spin-2 modes become massless. Equivalently, in the context of AdS/CFT, these are theories where at least one of the central charges associated with the trace anomaly vanishes. Connections between these theories and logarithmic CFTs are discussed. For a specific choice of parameters, the theories arising from counterterms are non-dynamical and resemble a DBI generalization of gravity. For even dimensional CFTs, analogous counterterms cancel log-independent cut-off dependence.
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