Florida State football has never been short on headlines, but lately, the spotlight’s been less about wins and more about what’s happening off the field. Between Gus Malzahn’s surprise retirement and the buzz around FSU’s athletic department debt, it’s been a whirlwind couple of days in Tallahassee. But let’s take a step back and break down what’s actually going on - because while the headlines might raise eyebrows, the reality is a lot more layered.
The Malzahn Move & FSU’s Quiet Preparation
Let’s start with Gus Malzahn. His retirement announcement on Monday caught a lot of people off guard - at least publicly.
But inside the Florida State program, there were signs they were preparing for this scenario. Just a few weeks ago, FSU elevated Tim Harris Jr. to co-offensive coordinator, a move that looks a lot more strategic in hindsight.
That’s not the kind of promotion you make unless you’re planning for potential change at the top of your offensive staff. So while the news may have landed with a jolt, the Seminoles weren’t scrambling behind the scenes.
The Debt Headlines: What’s Real, What’s Context
Then came the financial headlines. On Tuesday, social media lit up with reports that Florida State reported $437 million in athletics-related debt for fiscal year 2025 - a number that understandably raised some eyebrows. Athletics reportedly accounts for 71% of the university’s total debt.
Now, that sounds like a big number - and it is. But it’s also not a surprise to anyone who’s been paying attention to what Florida State has been building over the last few years.
Let’s talk about what that money went toward. FSU has been in the middle of a major facilities overhaul, including significant stadium renovations and the construction of a brand-new, football-only operations facility. These aren’t vanity projects - they’re investments aimed at keeping FSU competitive in a college football landscape where facilities arms races are very, very real.
If you were at Doak Campbell Stadium for the Seminoles' upset win over No. 8 Alabama to kick off the 2025 season, you saw the results of that investment firsthand.
The upgrades were impossible to miss, and the energy in the building reflected it. A few weeks after that game, the new football facility opened its doors - and by all accounts, it’s among the best in the country.
Was It the Right Move?
Now, you can debate whether Florida State should’ve made these investments sooner, or whether the timing was perfect. But what’s clear is this: the majority of that $437 million debt is tied directly to tangible, long-term infrastructure - not short-term spending sprees or financial mismanagement.
And here’s a key point that’s getting lost in the noise: Florida State’s credit rating remains strong. As of July 2025, the university held an AA++ rating from Fitch, the same rating it had back in 2022.
That’s the second-highest rating possible - meaning FSU is considered a very low credit risk. In other words, they’re not in danger of defaulting, and they’ve got the financial structure in place to handle the debt responsibly.
Leadership and Oversight
It’s also worth noting that Athletic Director Michael Alford isn’t making these calls in a vacuum. Any major financial move like this has to go through the university’s President and Board of Trustees. So while Alford is the public face of the athletic department, these decisions are being made at an institutional level, with layers of oversight and approval.
Big Picture: It’s About Positioning
At the end of the day, this isn’t about reckless spending. It’s about Florida State positioning itself for the next era of college football - one where facilities matter, perception matters, and staying competitive means playing the long game.
Yes, the debt is real. But so is the plan behind it.
So while the headlines might make it sound like FSU is teetering, the reality is far more stable. The Seminoles are betting on themselves - and they’re doing it with a blueprint that’s been carefully laid out, not hastily thrown together.