During their bye in Week 9, Florida State University athletic director Michael Alford released a statement indicating that the program would not fire head coach Mike Norvell before the end of the season.

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FSU entered the bye on a four-game losing streak after dropping a 20-13 contest at Stanford on Oct. 18. The Noles had high hopes for the season after upsetting Alabama 31-17 in Week 1, but have gone 2-4 since.

Florida State has gone 5-15 since winning the ACC championship in 2023 and finished 2-10 in 2024.

Head coach Mike Norvell of the Florida State Seminoles

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Money could explain why the Seminoles chose not to fire Norvell during the bye, despite mounting pressure from the fan base. Per Bryan Fischer and Pat Forde of Sports Illustrated, FSU lacks the cash to pay Norvell’s buyout, estimated to be $53.3 million after the season.

Because of the large buyout, FSU would prefer Norvell to give the program a reason not to fire him in November.

Via Sports Illustrated:

Florida State could be on the hook for the second-biggest buyout in the sport’s history—money that the school, at least for now, does not have. That could change by December. In an ideal world for some in the administration, the Noles would be able to turn things around down the stretch and kick any decision over Norvell’s future to 2026…

“Many prominent donors at the school, according to a source, have already soured on the current staff and the issue may come to a head sooner rather than later if the team doesn’t win out.”

The Noles are set to host 5-2 Wake Forest on Saturday night. FSU will then finish the season against Clemson, Virginia Tech, NC State and Florida. If Florida State continues to lose games against those teams, greenbacks could start to flow in to help with the buyout.

However, the program has to consider more than just paying Norvell not to coach college football in Tallahassee. Boosters and fans will want a sure replacement who will put FSU in the College Football Playoff.

The Seminoles’ next hire will cost tens of millions more on top of Norvell’s buyout. With Florida, LSU and Penn State looking for a new head coach, the market will be inflated before 2026.

It’s a bad time to need a head coach unless someone in the program can write a blank check. FSU doesn’t appear to fit that category.

For more on the NCAA, head to Newsweek Sports.