Amid ACC exit rumors, FSU eyes $500M fundraise as 3 schools hinge their fate on Seminoles’ first move for an SEC or Big Ten expansion

The Florida State Seminoles have been trying to leave the ACC for quite some time now as the school continues its process of finding a way out.

FSU has been unhappy with the Atlantic Coast Conference's media rights deal and revenue sharing as the school is looking at legal means to exit the conference. The school has said it has exhausted all its options, and leaving the conference is the only one left.

"I believe this board has been left no choice but to challenge the legitimacy of the ACC grant of rights and its severe withdrawal penalties," Florida State board chair Peter Collins said in December, via ESPN.

"None of us like being in this position. However, I believe that we have exhausted all possible remedies within the conference and we must do what we believe is best for Florida State not only in the short term but in the long term."

Now, according to college football realignment expert Bill Farley, the Seminoles are apparently looking to issue $500 million in bonds to help pay for their exit from the ACC.

"ICYMI: FSU will soon issue nearly $500 million in bonds," Farley posted on X Wednesday. "Financial institutions will submit interest rate bids. The lower the interest rates, the more money FSU can borrow. Plenty of ways to fund an ACC exit fee with these bonds."

FSU recently had a board meeting to discuss getting a loan for legal action if the Seminoles sued the ACC. Leaving the conference could reportedly cost the Seminoles $572 million.

The ACC, however, has said that FSU's lawsuit is illegal and will be fighting it in court:

"Florida State's decision to file action against the conference is in direct conflict with their longstanding obligations and is a clear violation of their legal commitments to the other members of the conference."

Other schools could also leave the ACC

If FSU does get out of the ACC, it could have a massive trigger effect for other schools to part ways with the conference.

According to multiple reports, should FSU leave, Clemson, Miami, North Carolina, NC State, Virginia and Virginia Tech would all explore their options of exiting the conference, sources told ActionNetwork.

FSU and Clemson could find a home in the SEC or Big Ten, while the other schools would likely be highly sought after.

“We are not satisfied with our current situation,” FSU President Richard McCullough said in a Board of Trustees meeting. “We love the ACC. Our goal is to stay in the ACC, but to stay in the ACC under the current (media rights) situation is hard for us to figure out how we remain competitive unless there is a major change in revenue distribution within the ACC.”

FSU trustee Drew Weatherford said:

“It's not a matter of if we leave (the ACC), but how and when we leave.”

For now, FSU remains in the ACC, but for how much longer is the question.