Mike Norvell buyout: Details of Florida State head coach's contract

If Florida State decided to part ways with head coach Mike Norvell at the end of the 2024 season, the Seminoles would owe their head coach roughly $63 million. The head coach’s buyout drops by roughly $9 million after each season. 

Norvell signed an eight-year extension through the 2031 season worth more than $84 million before incentives before the 2024 season. According to Norvell’s contract, he is owed 85 percent of his remaining salary as a buyout.

Here is a full buyout breakdown:

+ Buyout drops to $54.4 million after the 2025 season
+ Buyout drops to $45.6 million after the 2026 season
+ Buyout drops to $36.8 million after the 2027 season
+ Buyout drops to $27.7 million after the 2028 season
+ Buyout drops to $18.5 million after the 2029 season
+ Buyout drops to $9.3 million after the 2030 season

Norvell would receive $875,000 a month through Dec. 31, 2031, if fired at the end of this season. He is set to earn $10.15 million in 2025. His contract includes a $150,000 raise each season. The Florida State coach will make $11.05 million in the final year of his contract in 2031.

In 2023, Mike Norvell led Florida State to its first 10-win season since 2016. Florida State finished 13-0 and captured its first ACC title since 2014. He was hired in December 2019 after four seasons at Memphis. Norvell initially inked a six-year, $26.5 million contract.

The 42-year-old head coach is in Year Five at Florida State. He was 3-6 in his inaugural season in Tallahassee in 2020. The Seminoles opened the 2021 season 0-4 but won five of their final eight games to finish 5-7. In 2022, Florida State finished 10-3 with a win over Oklahoma in the Cheez-It Bowl. The Seminoles finished No. 11 in the AP poll, setting up for the breakout 2023 season.