FSU is expected to rank among the top 10 nationally in revenue and expenses for 2024

Sustained fundraising efforts are projected to push Seminoles among the nation’s top earners.

Florida State University Athletics Director Michael Alford watches as the Seminoles host the Boston College Eagles for a football game. / Alicia Devine/Tallahassee Democrat / USA TODAY NETWORK

College Athletics is big business.

Programs around the country spend hundreds of millions of dollars across the board on athletics and Florida State is no different. In 2023, the Seminoles ranked 15th in the country in revenue generated by earning a whopping $161,141,884 while spending $150,777,734. Overall, five schools earned over $200M with Ohio State leading the way.

Florida State’s athletics department reported a $15.2 million surplus in Fiscal Year 2024, primarily due to flat expenses and increased donor contributions, per Ira Schoffel of On3.com. Once USA Today’s financial rankings are released, FSU is expected to rank among the top 10 nationally in revenue and expenses.

"While we won’t have a firm idea of where Florida State’s spending and revenue stack up nationally until the USA Today releases its annual college finances database later this spring, based on last year’s numbers, the Seminoles would have ranked ninth in revenue (between Florida and Penn State) and 10th in expenses (between Penn State and Georgia) among public universities." Schoffel wrote.

Specifically, the football program ranked No. 1 in expenses/revenue returned, spending $61.1M while earning $90.9M (boosted by $28M in donations from Seminole Boosters) last year.

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This is due in part to surging donations for the second straight year, which reached $62.3 million (up from $54.2M in FY2023 and $41.7M in FY2022), according to the report. Largely due to fundraising efforts for renovations to Doak Campbell Stadium and the construction of their new football-only facility.

ACC media rights brought in $32.7 million (which was relatively unchanged), while league bowl game revenue increased by $4 million to $6 million. ESPN recently agreed to extend its televising rights with the ACC until 2036.

Nov 23, 2024; Tallahassee, Florida, USA; Florida State Seminoles head coach Mike Norvell before the game against the Charleston Southern Buccaneers at Doak S. Campbell Stadium. Mandatory Credit: Melina Myers-Imagn Images / Melina Myers-Imagn Images

So where is all this money going? Their top expense came from staff additions and coaching raises, with $29.6M for coaches and $29.6M for administration/support staff, followed by operating expenses ($24.9M) and overhead/administration ($23.4M).

As the college athletics world continues to grow and become more money-oriented, expect the revenue stream to follow closely.

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