Norvell inks six-year contract worth $4.42 million per year
New FSU coach Mike Norvell will be making $26.5 million or $4.42 million per season during six years, according to an employment agreement obtained on Thursday by the Orlando Sentinel.
The agreement valued at $26.5 million before incentives is a significant raise for Norvell, who made $2.6 million in 2019 at Memphis and slightly lower than the $5 million former coach Willie Taggart was making this season with the Seminoles.
His buyout is $5 million in the first year and drops by $1 million during each remaining season through the end of the contract. FSU will have to pay Norvell 85% of the remaining portion of his contract if Norvell is fired without cause at any time during his contract.
Norvell’s $4.42 million pay gives him the No. 23 highest salary in the country, according to the USA
Today college football coaches salary database. It is the second-highest salary listed in the ACC behind Clemson coach Dabo Swinney, who makes more than $9.3 million. Salary figures are not available for Miami coach Manny Diaz since he works for a private university. The salary database typically changes this time of year, with coaches either signing contract extensions or taking new jobs.
Norvell signed his contract on Saturday and was officially introduced as the Seminoles’ coach the following day.
Norvell will be making an annualized sum of $3,535,000 in 2020 and will get a retention bonus of $250,000 each year. He is slated to make close to $5 million during the fifth and sixth years of his deal.
Norvell’s contract has several performance bonuses. He can make a maximum of $800,000 if FSU wins the College Football Playoff national championship and he can make $250,000 if the Seminoles win the ACC Championship Game. He will receive a $100,000 bonus if he is named national coach of the year.
Norvell can make upward $200,000 if FSU’s single-year Academic Progress Rate is a perfect 1,000.
The estimated salary pool for Norvell’s assistants is $5.25 million, with a pledge to keep FSU competitive among the top level ACC teams.
FSU moved quickly to get Norvell to sign a contract after former coach Willie Taggart operated with a signed letter of understanding and never agreed to terms on a contract. While the letter is legal and binding, lack of detailed definitions of terms typically found in a contract have led to negotiations regarding his $18 million buyout. Adding to the complexity, Taggart was just hired by FAU and his new pay will reduce what FSU owes him.