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A new trend is emerging as athletic departments shuffle finances to prepare for a new revenue-sharing model with its players: restructured contracts for their highest-paid coaches.
At least three major college coaches in the last 10 days have restructured their contracts or donated money to help their athletic departments, which will soon bleed millions in payments to players as part of the upcoming settlement of the House v. NCAA case. The pending settlement has placed major athletics on the hook for at least $20.5 million in annual payments to players, and creative accounting has been the rage as a July 1 deadline quickly approaches.
On Monday, Florida State joined the party when coach Mike Norvell agreed to a restructured contract that includes a $4.5 million contribution to launch the Vision of Excellence initiative, “a fundraising campaign that seeks to immediately raise Florida State athletics to new heights of comprehensive excellence by setting ambitious goals for the future of of the student-athlete experience, coaching, facilities and fan engagement.”
Norvell last season earned a contract extension that boosted his annual salary to $9.9 million.
“It’s a reallocation of resources,” a power conference athletics director told CBS Sports, speaking generally on the new trend. “They’re going to reallocate these resources in favor of the cap and revenue sharing. That’s what’s happening.”
Simply put, it’s a legal way for schools to shuffle cups and move money from one bucket to another. Coaches are not allowed to contribute directly to name, image, and likeness collectives, but in-house initiatives provide a different way to help players — if not technically connected.
Embattled Oklahoma State head coach Mike Gundy agreed…
Source link : https://www.cbssports.com/college-football/news/mike-norvell-giving-4-5-million-in-salary-back-to-florida-state-in-latest-evolution-of-revenue-share-era/
Author : Brandon Marcello
Publish date : 2024-12-16 22:18:00
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