Florida State Athletics Tops $200M in Annual Spending for First Time

The business of college athletics is at an all-time high with major broadcasting rights, booster funding, and NIL taking hold of America's pastime. As programs around the country vie for financial dominance over the sport, the Florida State Seminoles have increased their investment in athletics by nearly 20 percent over the last two years.

Florida State's Athletic Budget is Soaring

Florida State athletic director Michael Alford celebrates the Seminoles victory. The Florida State Seminoles defeated the Louisville Cardinals 16-6 to claim the ACC Championship title in Charlotte, North Carolina on Saturday, Dec. 2, 2023. | Alicia Devine/Tallahassee Democrat / USA TODAY NETWORK

Per documents obtained following a public records request, FSU reported $211.95 million in revenue for fiscal year 2025, a $42 million increase from the previous year, which was $169.8 million. Universities across the country are required to submit a financial operating report to the NCAA, and although the exact amounts allocated to athletics are unclear, one thing the Seminoles invested in most was football, at $85.4 million.

A significant jump in the category labeled “Fundraising, marketing and promotion” is believed to be NIL-related. Florida State declined to provide a detailed breakdown to the College Sports Commission, noting that the NCAA's financial survey is not a complete representation of FSU's operating position. The university added that NCAA methodology differs from standard accounting practices, particularly by excluding depreciation and amortization and listing capital expenses below the line.

As a result, the reported $3.76 million difference between revenue and expenses should not be interpreted as a net operating profit. Because the fiscal year ended June 30, 2025, the report published in January 2027 will provide the first full look at FSU’s financial model in the era of direct student-athlete compensation under the House v. NCAA settlement.

Keeping up With the Joneses

Nov 29, 2025; Gainesville, Florida, USA; Florida State Seminoles head coach Mike Norvell gestures against the Florida Gators during the second half at Ben Hill Griffin Stadium. Mandatory Credit: Matt Pendleton-Imagn Images | Matt Pendleton-Imagn Images

The business of keeping up with the Joneses has been a major priority in Tallahassee, Florida. Florida State spent $21.6 million in that category last season, after allocating only $1M in 2024. With a little over a 6 percent increase in ticket sales being the largest, and a smaller increase from media rights (3.7), as far as revenue is concerned, operating expenses have also jumped from $169 million to $208 million.

In comparison, the University of Florida's athletics budget is expected to exceed $205 million, up 13.5 percent from 2025. Miami saw a $20 million increase in revenue, driven by the Atlantic Coast Conference's "success initiatives model," following its College Football Playoff run.

The Hurricanes reported a $182.5 million budget in 2023-24, and increased investment after the 2025 season will likely result in a similar percentage increase as both FSU and UF, although those numbers have not yet been made available.

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