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Florida State's Mike Norvell restructures deal, gives $4.5M to new initiative

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Florida State coach Mike Norvell has agreed to a one-year restructured contract that includes a $4.5 million contribution to help launch a new university initiative aimed at raising money for revenue sharing, the school announced Monday.

The money will go toward the Vision of Excellence fundraising campaign, which will help with revenue sharing, facilities, coaching and the overall student-athlete experience. Starting July 1, each Division I school will be allowed to share at least $20.5 million in revenue with their athletes under a House settlement agreement.

Norvell is set to make $9.