Florida State faces $437 million debt and $65 million in buyouts as it searches for a new football coach

Florida State University is in the midst of a difficult transition after dismissing head coach Mike Norvell. The program is searching for a new leader while grappling with a significant financial burden and a recent string of losses.

The departure of Norvell comes with a hefty price tag. His buyout is estimated to be between $47.1 million and $50.3 million, which would rank as the third largest in college football history. When combined with payments to assistant coaches, the total cost could exceed $65 million. These expenses are being drawn from an athletics budget that closed fiscal year 2025 with $437 million in debt, a sharp increase from $237 million the previous year. Most of that debt is tied to bonds used for renovating Doak Campbell Stadium and building a new football operations center.

The on-field results have not justified the spending. Following an undefeated 2023 regular season, the Seminoles went 10-23 in their next 33 games. They have lost 12 consecutive road games, a streak that ties the school record. The program is also operating without a permanent athletic director, as Mike Alford was let go in September.

Seven candidates have emerged as potential replacements. Manny Diaz, currently at Duke, is a strong contender given his history in Tallahassee and recent success in the ACC. However, his previous stint at Miami, where he was fired in 2021, remains a point of debate among fans. Eli Drinkwitz of Missouri is another option. He is 64-32 as a head coach and signed a contract averaging $10.75 million through 2031. His buyout from Missouri is relatively low, costing only $5 million if he leaves before December 1.

Jake Dickert of Wake Forest is leading the ACC with a 7-1 record and is considered a builder who prioritizes physical play. A potential complication is a noncompete clause that may prevent him from taking another ACC job for a year. Kenny Dillingham, who was Norvell's offensive coordinator in the early 2020s, is now at Arizona State. He signed a new five-year deal averaging $7.5 million after rumors linked him to Michigan. His close relationship with Norvell could make the hiring process awkward.

Other names on the list include Jason Eck of New Mexico, whose defense allows just 11.9 points per game, and Blake Baker of LSU, the highest-paid assistant in the country. Baker fixed LSU’s defense, which now ranks among the nation's best. Glenn Schumann of Georgia is a recruiter and defensive mind who has never been a head coach but has strong ties to the region through his grandfather, a Florida State Hall of Famer.

Two wild-card options are also being discussed: Rhett Lashlee of SMU and Jimbo Fisher. Lashlee is well-paid at SMU and recently signed a new contract. Fisher, who won a national title at Florida State before leaving in 2016, is still based in Tallahassee and could be willing to return at a discount to help rebuild a program he knows well.