Very very nice. I agree that the spacing is a little larger than it should be. Half of what it is would be much better. Also, I would place the FIRST logo on top of your banner image, so layer it on top. That would free up a lot of space that's just blank right now (the space to the right and left of the logo), and it would look fine.
Otherwise, I really like it. Excellent job.
MrToast