Florida State's athletic department is more than $430 million in debt, ESPN's Pete Thamel reported, complicating any move to fire coach Mike Norvell and his staff at a cost of up to $68 million.
Those figures went viral several days after the Seminoles blew a 14-0 lead in a 44-20 loss at Louisville. The loss left Florida State 3-3 overall and 1-2 in the ACC, and Norvell remains on the job.
"To put it bluntly, FSU has significant financial issues," Thamel wrote . Florida State closed the 2025 fiscal year with $437 million in athletics-related debt.
Reacting to the figures, one fan wrote, "At $430M in debt, what is $68M more really… Losing the draw of the entire asset at this rate unless they on take on 15-20% more…"
After Florida State took a 14-0 first-quarter lead, Louisville scored 44 of the game's final 50 points to win 44-20.
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"Norvell must go, fire him now!" another fan wrote.
Before this season, Florida State had not blown a 14-point lead and lost by 14 or more in 385 games over 30 years. It has now happened twice in four weeks, with the other being a 50-36 loss at Alabama in which the Seminoles led 21-6.
"Mike Norvell is the man who maybe permanently killed FSU football," another fan wrote.
Florida State is 10-21 in games played after its Dec. 2, 2023 ACC Championship win over Louisville.
Asked at his weekly news conference on Monday how he has handled the scrutiny, Norvell said, "I don't need to try to defend against it because, rightfully, there's rightful frustrations. I'm living in it with you."
CBS Sports reported that Norvell's own buyout is worth $46.7 million, a figure that does not include buyouts for his assistants or the cost of hiring a replacement and his staff. Also, Florida State is reportedly paying a little more than $20 million for its 2026 roster.
"They need to put a cap on these coaches," another fan wrote .
Thamel reported that most of the athletic department's debt is tied to facilities, with revenue bonds in place to account for it. Florida State's athletic leadership has said the debt was planned rather than taken on to survive. Most of the borrowing paid for renovations to Doak Campbell Stadium and a new football operations center.
"So if FSU is broke for facility upgrades of $430M, then what do you say about UF about to pump $1B into theirs?" one fan wrote. "Are they extra broke? This is so stupid."
The University of Florida has unveiled plans for a $1.45 billion overhaul of Ben Hill Griffin Stadium, with work set to start in the 2027 offseason. The project is expected to be funded through private donations, capital reserves, project-generated revenues, and long-term debt, with the financing subject to approval by the Florida Board of Governors.
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Any decision on Norvell would come amid change atop Florida State's athletic department. The school fired athletic director Michael Alford in September, and Bruce Warwick is serving as interim athletic director.
"If there's a desire to have more conversation, obviously, the administration can do that," Norvell said on Monday. "I understand everybody's roles, everybody's responsibilities, everybody trying to make sure that we're pushing forward for this football team and this football program to be the best that it can be."
Norvell and the Seminoles will now face No. 3 Miami (5-0, 3-0 ACC) on Saturday at Hard Rock Stadium in Miami Gardens, Florida. The Hurricanes, coming off a bye week, will try for their third consecutive win over Florida State.
This article originally appeared on Pro Football Network .
