Following their most successful season since 2016, Florida State has rewarded head coach Mike Norvell with a huge salary increase as part of a multi-year contract extension. How much will Norvell earn in 2023, what are the specifics of his new contract, and what is the FSU head coach’s total net worth?
Update: per multiple reports on Friday, Jan. 12, Norvell signed a contract extension with FSU that will pay him more than $10 million per year. That contract extension, set to tie the Seminoles’ head coach to the program for the foreseeable future, makes him one of the highest-paid coaches in the sport.
Mike Norvell’s Salary and Contract in 2023
Just a little over halfway through his existing deal with the Seminoles, Norvell signed a contract extension in early February 2023. The three-year extension to his original six-year deal keeps the FSU head coach in Tallahassee through the 2029 season.
The contract extension for Norvell is a sign of trust from FSU athletic director Michael Alford after a difficult few seasons for the program. In his first two seasons in Tallahassee, the Seminoles head coach recorded just eight wins, one fewer than his predecessor, who was fired following a 4-5 2019 campaign.
However, in 2022, Norvell led FSU to their first 10-win season since the Jimbo Fisher-led 2016 campaign. Furthermore, the Seminoles are an early dark-horse candidate for the ACC Championship and a potential return to national title relevancy.
The contract extension brings a significant salary boost for Norvell. After earning $3.035 million in 2022, the FSU head coach will earn $5.335 million in the 2023 college football season.
That is just the beginning for Norvell, however, as his salary is set to increase substantially through the terms of his contract extension. In 2024, the former Memphis head coach will command a $7.335 million salary.
By the end of the current deal, presuming no further expansions, Norvell will earn $8.585 million for the 2029 college football season.
Norvell’s Net Worth
Following his recent contract extension and subsequent salary increase, Norvell now has a net worth that matches some of the highest-paid coaches in the ACC. He might be a little shy of Clemson head coach Dabo Swinney’s $115 million net worth, but Norvell’s more than doubled his value with his most recent contract.
Over the term of his recently signed contract extension, Norvell will have a net worth of at least $53.095 million. That averages to $8.05 million per year, making the Florida State head coach one of the most valuable coaches not just in the ACC, but in all of college football.
That figure is the least that Norvell will earn between now and 2029. The FSU head coach has the potential to boost that salary and net worth with success on the field. Given the sense of expectation around the program ahead of the 2023 CFB season, Norvell could earn up to $950,000 in additional incentives.
Those incentives begin at $100,000 for an appearance in a non-College Football Playoff Bowl, such as the Cheez-It Bowl that the Seminoles won following the 2022 season. Making it to a New Year’s Six Bowl nets Norvell an additional $200,000 to his annual salary.
As Norvell’s new contract will take him into a new era of the College Football Playoff, there are incentives attached to reaching the first round of the new CFB Playoff format ($250,000) and quarterfinal ($375,000) when it comes into existence during the 2024 season.
If the Seminoles make it to the semifinal under Norvell, he’ll receive a $500,000 bonus and can earn a salary boost of $750,000 for making it all the way to the College Football National Championship Game.
The ultimate measure of success will be bringing a national title back to Tallahassee for the first time since 2013. If Norvell was to accomplish that, he would net an additional $950,000.
As you can see, between his contract, salary, and net worth, Florida State has a lot invested in Norvell. If he can return the Seminoles to the summit of college football, however, it will have been worth every penny.