It depends how desperate they are. Short answer is yes, of course they could. But to me, it's moot, because Norvell will have a much longer leash than Willie did because he's white, plus they can blame this mess on the black guy and give him even more time.
Might be extra moot if he decides to turn the program around, but even if he doesn't, he's getting 3 years IMO. Bottom line is we can (and should) laugh at FSU right now for a lot of things, their athletic budget being one of them. But when the rubber meets the road, they'll raise the money they need to in order to attempt to stop the bleeding. As much as they want to hide their tears under the "basketball school" guise, it is most certainly and always will be a football school. If Norvell is average to below average for 3 seasons, **** yes they'll can his *** and pay him to go away. They can't afford not to, with how much money they're already bleeding due to poor on field performance.