Florida State coach Mike Norvell has agreed to a one-year restructured contract that includes a $4.5 million contribution to help launch a new university initiative aimed, in part, at raising money for revenue sharing and facilities, the school announced Monday.
The money will go toward the Vision of Excellence fundraising campaign, which the school characterizes as a "bold and immediate step forward" in helping the overall student-athlete experience. Starting July 1, each Division I school will be allowed to share at least $20.5 million in revenue with their athletes under a House settlement agreement.
Norvell is set to make $9.9 million in 2025 as part of a contract that includes incremental raises every year through 2031. This past season, Florida State finished 2-10 under Norvell, one year after winning the 2023 ACC championship and finishing 13-1.
"I presented this to our administration in an effort to boost the support of our student-athletes while recognizing that the results and expectations need to be upheld to the highest level," Norvell said in a statement. "I wanted to be proactive in my financial assistance through this time of transition as we all push forward to get back to the standard of Florida State football. Great days are ahead, and I'm grateful to coach these players and lead this staff. We have been hard at work to uphold the tradition here at Florida State, and I believe this step will help accelerate the process to where I know we are going."
Norvell is not the first coach to agree to a restructured deal with revenue share on the horizon. Earlier this month, Oklahoma State coach Mike Gundy also restructured his contract. Sources told ESPN's Chris Low that Gundy's $7.75 million annual salary will be reduced to be redistributed as part of revenue sharing with players.
Florida State athletic director Michael Alford said in a statement that Norvell "took an honest assessment of what the program needed from its leader to move forward. I'm excited about the future of Florida State football. FSU will continue to be a leader in the new structure of collegiate athletics, and that includes how we provide for our student-athletes. It will take additional support. I'm not going to be shy about encouraging others to follow Coach Norvell's actions and contribute however they can."
Norvell, though, will have a chance to earn the money back. His revised contract includes an annual performance bonus that would pay him $750,000 beginning in 2026 if the Seminoles win at least nine games. So if FSU wins nine games every year between 2026 and 2031, Norvell would earn back the $4.5 million.
His buyout remains the same: 85% of his total compensation. But if Norvell is fired without cause between now and the end of the deal, he will be entitled to a pro rata share of the $4.5 million starting in 2025.
Information from The Associated Press was used in this report.