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Mike Norvell signed a new contract prior to the season that will eventually pay him $11 million annually. (Photo by Chris Leduc/Icon Sportswire via Getty Images)
Florida State head coach Mike Norvell is giving back big time.
Norvell is contributing $4.5 million of his salary this year to the university in a one-year restructured contract, sources tell Yahoo Sports — the third such public move from a college football coach in the last two weeks.
The contribution is part of the school’s new Vision of Excellence campaign intended to raise money as schools gear up to share revenue directly with athletes under the new House settlement agreement. The settlement permits each school in Division I to share at least $20.5 million with their athletes starting on July 1.
As a response to the settlement, coaches are forking over portions of their multi-million dollar salaries. Norvell, who drew interest during Alabama’s head coaching search, received a new contract in the spring that nearly doubled his salary to $9.9 million. By the end of the contract in 2031, the coach will make nearly $11 million annually.
LSU and coach Brian Kelly announced last week that he’d be matching donations to LSU’s collective of up to $1 million — a roundabout way to take a pay reduction in order to contribute to his team’s roster. In Stillwater, Oklahoma, Oklahoma State reduced coach Mike Gundy’s salary to direct it to the athlete revenue-sharing efforts.
Starting last month with the basketball signing period and continuing during the football signing period in December, some schools have already started to distribute revenue-sharing agreements to high school prospects or college transfers that kick in once the settlement is implemented in July.
Other schools are handling this transition period — from NIL collective to direct school pay…
Source link : https://sports.yahoo.com/sign-of-the-times-fsus-mike-norvell-giving-back-45-million-in-salary-ahead-of-athlete-revenue-share-era-141320243.html
Author : Yahoo Sports
Publish date : 2024-12-16 14:13:00
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