The only thing that saved Mike Norvell last year was his school’s being low on funds. Florida State, a historic Power 4 college football program with three national championships that has long dominated as an ACC contender, closed its fiscal year with $437 million in athletics-related debt. Or else, it’s tough for Norvell to explain being stuck at the helm even after several blunders.

FSU’s athletics-related debt was $200 million more than what the Seminoles had in 2024. They are now stamped as the highest-total debt carrier by any public FBS program in college football. They dug their own graves when they dreamt of having too many upgrades and being on par with other conference rivals.

The Seminoles’ ambition to match conference rivals led to a spending spree. They started with a massive $265 million renovation of Doak Campbell Stadium and a $145 million investment in the new Dunlap Football Center, projects that have become the primary drivers of their current debt crisis.

For the payment, the university exploited its revenue bonds. Because of this, athletic debt exploded from just $17 million in 2020 to $437 million by the end of this year. By dedicating 71% of the university’s total institutional debt to athletics, the front office has left itself with virtually no financial flexibility. Their window of wrongdoing with the finances is very small.

The Seminoles were successful in bundling up $200 million in revenue, but then they spent $208.2 million. With that small amount, it makes it very difficult to make any changes mid-season or take any performance-related decisions. Then, the ACC also made their lives difficult. A couple of years back, FSU sued the conference in Florida, accusing it of not having a proper deal structure with long-time partner ESPN.

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That casualness led to the team not having any financial power. The school also said that the ACC’s grant-of-rights agreement gave them massive exit penalties. They claimed it would’ve cost FSU $572 million to leave. The ACC also sued the Seminoles in North Carolina. That legal clash concluded in March 2025, when the ACC reached settlements with both FSU and Clemson. Still, an exit is just not possible at this point.

Leaving the conference this year would cost the school about $165 million. As it is, the Seminoles are lagging behind their peers in other conferences by as much as $10 million per year in player-related investment. These highlight the major problem of debt service.

The effect of college football’s new revenue-sharing model 

For the Seminoles, last-year’s revenue-sharing is also not letting them sleep at night. Under the landmark House v. NCAA settlement, FSU can now pay its players $20.5 million per year directly. That’s a big change, and a head-scratcher one at that, because they are already drowning in massive debt. As of now, the Florida Board of Governors allowed temporary, creative leeway for the team.

FSU can use the $22.5 million in auxiliary funds. This money is usually kept for housing, food, and parking. Now it will be a loan to help cover the difference. Even with that help, the problems aren’t over. Athletic Director Michael Alford has calculated that the department requires about $25 million in new yearly funding to fully manage the settlement-related costs.

Because the athletic department is already heavily cornered, it’s leaning on those university funds for the time being. Most of the shared revenue, roughly 60 to 75 percent, is going to fill the football treasury. With the football program consuming the majority of shared revenue, Florida State’s other varsity sports face an uncertain future of budget cuts or a desperate search for outside funding.