New chancellor: Vanderbilt will spend to compete in SEC

FILE - In this Feb. 5, 2020, file photo,, Vanderbilt football coach Derek Mason listens as interim athletic director Candice Lee answers questions during a news conference in Nashville, Tenn. Vanderbilt athletic director Candice Lee said Monday that Vanderbilt has an opportunity to put its money where its mouth is and prove its commitment to football as they search for a new football coach to replace Derek Mason, who was fired Sunday.(AP Photo/Mark Humphrey, Fiole)

FILE - In this Feb. 5, 2020, file photo, Vanderbilt interim athletic director Candice Lee answers questions during a news conference in Nashville, Tenn. Lee said Monday that Vanderbilt has an opportunity to put its money where its mouth is and prove its commitment to football as they search for a new football coach to replace Derek Mason, who was fired Sunday. (AP Photo/Mark Humphrey, File)

Vanderbilt University chancellor Daniel Diermeier looks up at the stands before an NCAA college football game against LSU at Vanderbilt Stadium in Nashville, Saturday, Oct. 3, 2020. Vanderbilt is looking for a new football coach, and the new chancellor and athletic director want to make clear that man will have a say in how the university improves their facilities. (George Walker IV/The Tennessean via AP)

Vanderbilt University chancellor Daniel Diermeier looks out at the field before an NCAA college football game against LSU at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 3, 2020. Vanderbilt is looking for a new football coach, and the new chancellor and athletic director want to make clear that man will have a say in how the university improves their facilities. (George Walker IV/The Tennessean via AP)