The college football job market took an expected turn last year.

The headwinds of financial uncertainty, combined with a record number of jobs turning over in 2023, led to a quieter year on the coaching carousel, especially at high-end schools.

Last offseason, there was a dip in head coaching changes at FBS football, with 30 total. The year before, a record 32 jobs turned over, per NCAA statistics.

Notably last offseason, no jobs turned over in the SEC and there was just one in the Big Ten (Purdue). Only West Virginia and UCF turned over in the Big 12, and the ACC had three changes (North Carolina, Wake Forest and Stanford).

None of those jobs would remotely qualify as blue bloods, which has the industry bracing for what could end up being a big year for high-end coaching turnover. The carousel rests for only so long.

That has led to a fascinating tension that will serve as the backdrop for this year’s edition: In an era when a vast majority of schools are scrambling for resources and revenue, are schools ready to pay big buyout money to part with their coaches? For big movement this year, there will have to be one or two big buyouts.

“The signs are that it’s going to be a pretty big year,” said an industry source. “There’s 15 to 20 schools in flux, and it was really light last year. That combination lends itself to a big year.

“But the question is whether 6-6 is worth making a change when you need to find 20-plus million? I think the trend is going to schools looking not to make the decision.”

There’s a counter to that perspective, and it’s a peek at the college basketball market from last year. Places like Indiana, Villanova, Iowa, Minnesota, NC State, Texas and Utah all paid sizable buyouts to kick-start new eras.

“I think people are past the rev share issues,” another industry source said. “They were stalled out last year in the football carousel, but they didn’t have any trouble getting going in the basketball carousel.”

Jimbo Fisher’s football buyout from Texas A&M in 2023 was $76.8 million, which included $19.2 million within 60 days and $7.2 million annually with no offset or mitigation. That’s the Secretariat-at-the-Belmont runaway winner for the biggest in the history of the sport.

The second-biggest public buyout belongs to Auburn, which fired Gus Malzahn in 2020 and owed him $21.7 million.

If this is indeed going to be an active coaching carousel among high-end jobs, the Malzahn number will need to be toppled. And the Fisher buyout has a chance to be as well.

Ultimately, the case for an active coaching carousel starts with big-name jobs that are in flux, the so-called market moves that ripple through the industry. A majority of those potential openings — although not all — would involve heavy lifting from a buyout perspective.

One source pointed out that schools in the SEC and Big Ten will have new line items that could make a big buyout more tenable, as there’s an influx of CFP money coming.

One school told ESPN that it has budgeted an additional $8 million additional for bowl revenue for the new CFP starting in 2026. (The specific amount is tricky, as there’s a flurry of variables that make a finite number tough to pin down.)

That makes the particulars of the buyouts important. How much money is up front? Is there offset and mitigation?

Here’s a look at the jobs with the buyout tension that could set the market, as well as other jobs worth monitoring across each conference.

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Big buyouts | Other Big Ten
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Big 12 | Group of 5

Big buyouts

USC | Lincoln Riley (26-14 entering Year 4)

Buyout: More than $80 million

Nearly everything has changed since Lincoln Riley came to Los Angeles. Most notably, the results. After an 11-3 debut in 2022, he has gone 8-5 and 7-6 with losses along the way to Maryland, Minnesota and UCLA. The splash of the hire has worn off amid close losses, media clashes and modest expectations for 2025.

His winning percentage with the Trojans is 65.0%, which is lower than Clay Helton’s USC winning percentage (65.7) when he was fired. It’s also nearly 20% worse than his Oklahoma win percentage (84.6).

Many of the core people Riley brought with him from Oklahoma have been removed or seen their roles diminish, with the firing of strength coach Bennie Wylie and the hiring of new general manager Chad Bowden recent examples of significant personnel changes around him.

Athletic director Jennifer Cohen didn’t hire Riley. She also has made clear that there are championship expectations. She has invested accordingly, including a new football performance center that’s under construction and plenty of staff infrastructure and NIL financial gunpowder.

Although firing Riley would generate eye-popping financial headlines, the understanding is that there is offset and mitigation on his deal. That would diminish the number owed him over time. He’s too gifted a playcaller and offensive mind to sit out through the length of his deal, which was originally a 10-year contract that began in the 2023 season. (His buyout to leave is minimal if he chose to go elsewhere, but leaving that much guaranteed money behind would be hard.)

Without high-end results, there will continue to be uncertainty. USC will be favored in its first four games, and then it enters one of the most difficult stretches on any schedule this year — at Illinois, Michigan, at Notre Dame and at Nebraska. (There’s a bye between the trips to South Bend and Lincoln.)

That means by Nov. 1, we’ll get a sense of what Riley truly has built in his fourth season and where his tenure is headed.

The best news for Riley is there’s hope on the way, as USC has the No. 1 recruiting class for 2026, which includes 19 ESPN 300 prospects.

Florida State | Mike Norvell (33-27 entering Year 6)

Buyout: $58 million

This was unthinkable two years ago, when FSU went undefeated in the regular season and won the ACC. But since quarterback Jordan Travis’ injury and the subsequent College Football Playoff snub following 2023, everything has gone wrong for FSU.

In the wake of FSU’s 2-10 season last year, Norvell has overhauled the coaching staff, given up playcalling and brought in new coordinators. Florida State can’t really afford to fire him, but it also can’t afford to trudge through another miserable season like last year.

Norvell also agreed to a restructured new deal, which includes donating $4.5 million of his salary to the program in 2025. Effectively, Norvell took a performance pay cut. (He can earn that back, too, as included in the new deal is a $750,000 bonus for nine wins.)

The 2024 implosion came at a time when Florida State had actively — and awkwardly — been lobbying to find a new conference home. That bluster has died down, and the financials of leaving the ACC are clear. FSU’s need to get back to winning is rooted in those grander ambitions.

What’s important here if FSU does have to move on is that Norvell’s remaining money is subject to offset and mitigation. He’d likely be a strong candidate to coach again, which would blunt some of the financial pain.

Norvell went 23-4 in 2022 and 2023, which built up some grace. Here’s what no one knows: What is enough progress for 2025?

Oklahoma | Brent Venables (22-17 entering Year 4)

Buyout: $36.1 million

Oklahoma extended Venables through the 2029 season in the summer of 2024. The Sooners subsequently went 6-7 in their SEC debut, which led to some scrutiny of that deal.

Venables is popular in Norman, dating back to his time as an assistant. Like many defensive head coaches early in his career, he made a misstep at offensive coordinator that quelled the momentum from OU’s 10-2 season in its Big 12 finale in 2023.

There’s an athletic director shift coming at Oklahoma, with Joe Castiglione retiring. There also has been new blood in the football program, with general manager Jim Nagy coming in this offseason from the Senior Bowl.

This season is a fascinating litmus test for OU’s viability in the SEC. The Sooners have fortified the roster with a significant upgrade at quarterback (John Mateer), expect better health at wide receiver and have made holistic upgrades.

But the reality is that most teams are going to lose half their games in the SEC, and it’d be a poor time for Venables to have a bad year. The Sooners also play seven teams ranked in the preseason Top 25, and that doesn’t include Missouri or Auburn.

Wisconsin | Luke Fickell (13-13 entering Year 3)

Buyout: More than $25 million

Wisconsin ended last year with five straight losses and missed a bowl for the first time since 2001.

Wisconsin extended Fickell after last year, but that didn’t impact his buyout. There’s optimism for a change of trajectory, as Wisconsin is undergoing a schematic shift back to the school’s identity roots as a running offense. It will be a welcomed change after the failed Air Raid experiment.

The factor that has this job coming up in industry circles is Wisconsin’s schedule, which might make it difficult for the Badgers to take a significant step forward. They play at Alabama, at Michigan, Iowa, Ohio State, at Oregon, Washington, at Indiana, Illinois and at Minnesota.

Wisconsin could be a better team but have a similar record. The institutional history, Fickell’s general track record and buyout expense suggest patience is likely.

Other jobs worth monitoring

Big Ten

Maryland: Mike Locksley’s strong run at Maryland took a hairpin turn last year, as the Terps went 4-8, 1-8 in Big Ten play and Locksley admitted he lost the locker room. There’s a lot of goodwill from Locksley’s three consecutive bowl games, which hadn’t happened since Ralph Friedgen’s tenure in 2008. But there’s also a new athletic director, Jim Smith, and an expectation to return to winning. Maryland is heavily favored in its three games to open the year (FAU, Northern Illinois and Towson), which could quiet things. Locksley would be owed $13.4 million if fired, a considerable amount for Maryland. He’d also have 50% of that due in 60 days, a sizable check for a university not flush with cash.

SEC

Auburn: Hugh Freeze faces a classic win-or-else season at Auburn. The Tigers have strong talent upgrades from both the portal and recruiting. But Auburn is not a traditionally patient place, so Freeze’s 11-14 record there needs to improve quickly. He’d be owed just under $15.4 million, which is expensive but not something Auburn would flinch at if there are modest results again. Don’t expect him to be around if Auburn has another losing season.

Arkansas: The goofiest buyout in college sports looms over any potential decision on Sam Pittman. If he’s .500 or above since 2021 — he enters the year 27-24 in that time frame — Arkansas would have to pay him nearly $9.8 million. To keep the buyout at this higher level, he’d need to win five games. If Pittman goes 4-8, the number would be nearly $6.9 million. Credit Pittman, who revived Arkansas from the depths of Chad Morris’ era and keeps on surviving. If he’s above four wins, Arkansas would face scrutiny for issuing such a bizarre contract and the extra money it’d cost the program to fire him.

Florida: The temperature on Billy Napier has cooled considerably, and the Gators have a top-flight quarterback and great expectations again. He’s 19-19 through three seasons, and his buyout remains eye-popping at $20.4 million. (There’s no offset or mitigation on the deal.) Athletic director Scott Stricklin gave Napier a midseason vote of confidence last year by announcing he’d return, and Florida responded with a strong finishing kick by winning four straight to close the year. Stricklin clearly has his back. And per an ESPN source, Stricklin has three additional years added to his contract, which now runs through 2030. That bodes well for Napier, as they are clearly aligned.

ACC

Stanford: General manager Andrew Luck’s first significant hire looms. With interim coach Frank Reich clear that he’s on The Farm short term, Luck needs to decide whether he wants someone from the college ranks or the NFL. What’s unique about this job is that the hire will be made through the shared prism of how Luck sees the identity of the program, not necessarily just a coach coming in and bringing the identity.

Virginia Tech: It’s a classic prove-it year for Brent Pry, who has two years remaining on his original contract. He’d be owed $6.2 million if fired on Dec. 1. He’s 16-21 over three years and 1-12 in one-score games, and Tech’s ambitions are clearly greater than that. Considerable improvement is needed, or Tech will hit reset as the administration appears motivated by the fear of getting left behind in the next iteration of the collegiate landscape. Athletic director Whit Babcock has hired Pry and Justin Fuente, which would mean his future could be in flux if a change comes here. ADs don’t often get to hire three coaches.

Virginia: There was a discernable uptick in investment and aggression by Virginia in the portal this offseason. That’s a sign the pressure is ratcheted up on Tony Elliott, who is 11-23 through three seasons. He entered a job with arguably the worst facilities in power conference football. He also dealt with unspeakable tragedy: the murder of three players in a campus shooting. UVA showed signs of progress last year with five wins, and that needs to continue. Elliott is owed more than $11.1 million if fired on Dec. 1, and UVA is more likely to need to direct that to the roster than a payout.

Cal: Can Cal do better than Justin Wilcox? It’s unlikely, as he has led the team to four bowls since taking over in 2017. Cal has no athletic director, landed in an awkward geographic league and is working to financially catch up to the rest of the sport. Wilcox would be owed $10.9 million if he’s fired, which would seemingly be too rich for Cal to handle. But with so much change afoot, there’s an industry expectation that something could happen here, as Wilcox could also have other suitors.

Big 12

Oklahoma State: The school forced Mike Gundy into a reduced salary and buyout. Those are fluorescent signs of a school preparing to move on, although the buyout remains significant at $15 million. It would be a seminal moment for a school to fire a coach who has more than 100 more wins than the next most successful coach in school history. Gundy is 169-88, but the program fell off a cliff last year at 3-9. The roster doesn’t offer much optimism for drastic improvement, and essentially the entire coaching staff is new. Gundy has done some of his best work with low expectations, and that’s what OSU has in 2025.

Arizona: Arizona’s dip from 10-3 in Jedd Fisch’s first year to 4-8 in Brent Brennan’s first season has led to scrutiny. Also, there has been a new athletic director brought in since Brennan was hired. The buyout price is steep at $10.6 million, but it’s something Arizona is expected to consider if there’s no improvement. It doesn’t help matters for Brennan that rival Arizona State burst into the CFP in Kenny Dillingham’s second year.

Cincinnati: There have been growing pains entering the Big 12 for the Bearcats, who are 4-14 in league play in the first two years. There’s an expectation for continued improvement in Scott Satterfield’s third year, as he went 3-9 in Year 1 and jumped to 5-7 last year. The Bearcats lost their final five games last year. The buyout tab is nearly $12 million, which is a lot for a school that moved its opener against Nebraska to Kansas City for financial reasons.

Baylor: The temperature on Dave Aranda’s seat has cooled exponentially compared with the past two seasons. He snapped a skid of two losing seasons by going 8-5 last year and 6-3 in the Big 12. A change would require a precipitous downturn, as Aranda is beloved in Waco. There’s an unforgiving schedule, however, that opens with Auburn and a trip to SMU. His buyout is in the $12 million range, and it’s unlikely to be tested.

Group of 5

American: The American might have been the biggest surprise in the 2024 coaching carousel, with FAU, Tulsa and Charlotte all firing coaches after just two seasons. Temple, Rice and East Carolina also fired their coaches. Oddly, the worries over revenue share spending didn’t intimidate these schools from making moves.

There’s really only one job squarely in the crosshairs, and that’s Trent Dilfer at UAB, who is 7-17 in two seasons. He’d be owed nearly $2.5 million if dismissed. UAB has struggled to translate its strong run in Conference USA to the American since joining in 2023.

Conference USA: This also projects to be a quieter year in Conference USA, with only Louisiana Tech having a coach potentially in flux. Sonny Cumbie went 5-8 last year after opening with back-to-back 3-9 seasons. He’ll need continued improvement to stick around for that school’s eventual transition to the Sun Belt. He’d be owed nearly $875,000 if let go, as 2026 is the last year of his deal.

MAC: There’s already one MAC job open, after Kenni Burns’ firing this spring at Kent State. There are significant financial challenges both there and at Akron, which also could be in flux with Joe Moorhead entering Year 4 at 8-28. (He’d be owed about $650,000 if fired, which is significant.) There’s still a market for Moorhead as a college offensive coordinator, which could be the pivot if the Zips don’t get moving. (Perhaps the NFL, too.) Overall, this looks like a quieter year in the MAC.

Mountain West: The lack of a contract extension for Jay Norvell at Colorado State is a smoke signal that a decision is coming. He has just one year left on his deal and would be owed $1.5 million if fired before Dec. 1. He also wouldn’t have to pay any money to go elsewhere. Norvell has an administration that didn’t hire him and, despite solid improvement, there will be speculation over his future until something changes contractually. Colorado State went 8-5 last year and 6-1 in the Mountain West. Norvell is 16-21 in his three years.

Sun Belt: Two coaches will be watched closely here. Tim Beck is 14-12 at Coastal Carolina over two seasons, having reached bowls in each of them. He had the misfortune of replacing Jamey Chadwell, who averaged more than 10 wins over his final three seasons. Beck would be owed $1.5 million if Coastal fired him, and Coastal has both a new athletic director and president. Ricky Rahne at Old Dominion is 20-30 overall and still in search of his first winning season there. He has just one year remaining on his deal after this one, a sign that a decision on his future one way or the other is imminent. He’d be owed $600,000 if fired.

Pac-12: None.