With this year’s College Football National Championship having its most views since the inaugural season of the CFP, most would expect athletic departments to have more revenue than ever.
For Florida’s in-state foe, Florida State, that is not the case. In fact, it’s the opposite. FSU closed fiscal year 2025 with $437 million in athletic-related debt. That total gives FSU the second-highest reported debt of any public FBS program.
Just five years ago, the Seminoles had only $17 million in debt. Since then, that number has increased 2470%. Despite these universities being hundreds of millions in debt, red flags have not been raised.
The Tallahassee Democrat reported that Florida State’s athletic department insisted that the debt was infrastructural, not “survival debt.”
The recent $265 million stadium renovation (Sports Business Journal) was a key contributor to the near half-a-billion figure. FSU widened concourses, added more premium seating, and upgraded technology in Doak Campbell Stadium. Additionally, the university built a new $138 million football operations center, per the Tallahassee Democrat, which recently opened in Oct. 2025.
It is also no secret that the widespread growth of Name, Image, and Likeness (NIL) deals has only intensified financial pressures for universities. However, FSU’s 2024 Football NIL budget was $12 million, a relatively small sum compared to the $437 million in debt. That means another chunk of debt is most likely related to revenue sharing.
As universities increasingly rely on conference revenue, FSU has joined a growing number of schools seeking to boost funding through revenue sharing. With ACC television payouts significantly lower than those of the SEC and Big Ten, Florida State pursued an exit from the conference.
FSU initially notified the Atlantic Coast Conference of its intentions to leave on August 14, 2023. Efforts ramped up in December 2023, as Florida State filed a lawsuit against the conference, arguing that the exit fees, which FSU estimated would exceed $500 million, were illegal. After reaching a settlement last year, FSU now has a clearer path to exit the ACC, with its exit fee dropping from $165 million in 2026 to $75 million by 2030.
FSU is not alone in its efforts to recoup revenue. Several Big Ten programs also recorded operating deficits, including Ohio State, Rutgers, UCLA, and Illinois, amongst others. Most notably, Penn State recently reported $543.7 million in athletics-related debt. The Nittany Lions surpassed FSU to hold the most athletics-related debt in the country. The primary driver of their surge is a massive $700 million stadium renovation project; however, the firing of James Franklin added to the bill.
Florida State decided to hold onto Head Coach Mike Norvell, following a 2-10 season in 2024, and a 2-7 finish to the 2025 season. An unpopular decision among Seminole fans, but the decision to keep Norvell may be justified.
If the university fired Norvell following the conclusion of last season, it would have owed a hefty $58.4 million buyout. The school would have had to pay 80% of that total by a specified date within the same calendar year. That requirement alone would have added $46.72 million to FSU’s athletic debt.
That is not to mention additional costs that would come from hiring a new head coach and staff. By keeping Norvell, at least through this season, FSU is saving a minimum of $10.24 million.
Norvell enters next season as one of the coaches with the hottest seats. It will be a hard ask to fire him unless donors chip in. For Florida State, the question is no longer just whether the Seminoles can win their way back to national relevance. It is whether they can afford the path it takes to get there.
