<PAGE>   1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the fiscal year ended December 30, 2000
                                       OR
[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the transition period from                 to
                               ---------------    ---------------
Commission file number 0-1790

                               RUSSELL CORPORATION
             (Exact name of registrant as specified in its charter)

          Alabama                                                63-0180720
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

3330 Cumberland Blvd, Suite 800
       Atlanta, Georgia                                            30339

          755 Lee Street
      Alexander City, Alabama                                   35011-0272
(Address of principal executive offices)                        (Zip Code)

        Registrant's telephone number, including area code: (256)500-4000

           Securities registered pursuant to Section 12(b) of the Act:

                                                         Name of Each Exchange
     Title of Each Class                                  on Which Registered
----------------------------                            -----------------------
Common Stock, $.01 par value                            New York Stock Exchange
                                                        Pacific Stock Exchange

     Securities registered pursuant to Section 12(g) of the Act: None

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X]  No [ ]

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

         The aggregate market value of Common Stock, par value $.01, held by
non-affiliates of the registrant, as of March 27, 2001, was approximately
$447,904,000.

         As of March 27, 2001, there were 31,900,243 shares of Common Stock,
$.01 par value outstanding (excluding treasury shares).


                                                                     -Continued-
<PAGE>   2

                       DOCUMENTS INCORPORATED BY REFERENCE

         Portions of the Annual Shareholders Report for the year ended December
30, 2000 are incorporated by reference into Parts I, II and IV.

         Portions of the Proxy Statement for the Annual Meeting of Shareholders
to be held on April 25, 2001 are incorporated by reference into Part I and III.

<PAGE>   3


                                     PART I

ITEM 1.  Business

                                     GENERAL


         Russell Corporation is an international branded apparel company
specializing in activewear, casualwear and athletic uniforms. Major brands
include Russell Athletic(R), JERZEES(R), Cross Creek(R), and Mossy Oak
Apparel(R). The Company designs and merchandises a variety of leisure and sports
apparel marketed to sporting goods dealers, department and specialty stores,
mass merchandisers, golf pro shops, college bookstores, mail order houses,
screen printers and embroiderers, and distributors. Products are derived from a
combination of internally produced products and third-party sources.

         On July 22, 1998, the Company announced a three-year restructuring and
reorganization plan to improve the Company's global competitiveness. For further
discussion of activities under the plan, see Note 10 of Notes to Consolidated
Financial Statements.

         More than 95% of the Company's total revenues in 2000 were derived from
the sale of completed apparel, with the balance from woven fabrics. During each
of the two previous fiscal years ending January 1, 2000 and January 2, 1999,
completed apparel also accounted for more than 95% of total revenues. Foreign
and export sales for 2000 were 9.1%. In each of the immediately preceding two
years, foreign and export sales were 10.8% and 10.7%, respectively. One
customer, Wal-Mart Stores, Inc. and affiliates, accounted for 17.9% of total
revenues in 2000, 19.4% in 1999 and 19.0% in 1998.

         The Company produces athletic uniforms for most sports activities and
for players of all ages and sizes. These products are marketed to professional,
collegiate, high school, and other teams as well as to individuals. Activewear
and casual apparel, such as t-shirts, fleece sweatshirts and sweatpants,
pullovers, jackets, and other knitted apparel products, are produced for the
general consumer market. Product lines also include placket shirts, turtlenecks
and golf apparel. The Company also produces sports and casual socks, including
tube, quarter anklet and crew socks for men, women and children. Woven fabrics
are produced and sold to other apparel manufacturers.

         The Company's principal owned manufacturing facilities are located in
Alabama, North Carolina, Mexico, and Honduras. Warehousing and shipping is
conducted in Alexander City, Ft. Payne and Montgomery, Alabama; Mt. Airy, North
Carolina; West Point, Mississippi; and Vidalia, Georgia. The primary
distribution facilities for the International Division are at Russell Europe
Limited, located in and around Livingston, Scotland. The Company also maintains
warehouses in Mexico and Australia.

         As a vertically integrated operation, the Company converts raw fibers
into finished apparel and fabrics utilizing company-owned facilities, as well as
contractors and general suppliers for spinning, knitting and weaving, dyeing and
finishing, and cutting and sewing operations. Generally, the Company produces
most of the yarns, other than textured and filament yarns, used in the Company's
manufacturing processes. As a result of its integrated production process, the
majority of the functions required to produce finished apparel and fabrics can
be performed by the Company without reliance upon outside contractors. The
Company is not, however, solely reliant on owned facilities and operations,
particularly in apparel assembly. During the year approximately 84% of its
products for domestic consumption were assembled at contractors, owned
operations or purchased from other suppliers outside the United States.


                                       I-1
<PAGE>   4

         The Company benefits from flexibility in its production scheduling
capability, permitting it to shift product emphasis as markets improve, change
or temporarily decline for particular products. This ability to respond quickly
to market changes has enabled the Company to manage the utilization of its
manufacturing capacity.

         The Company's revenues and income are subject to seasonal variations.
However, due to the time which may elapse between the acceptance of customers'
orders and shipment of goods, prices may or may not immediately reflect changes
in the Company's cost of raw materials and other costs. Working capital needs
may change with the increase or decrease in inventories or accounts receivable
as a result of a variety of credit terms and time between production and
shipments. Production schedules are based primarily on forecasts incorporating
current orders, the history of customer orders, market research, and similar
market factors. The Company has no meaningful backlog figures.

         The Company does not hold any significant patents, franchises or
concessions in any of its segments. The Company's ability to manufacture and
sell certain licensed apparel products is dependent upon licenses held by the
Company to utilize various trademarks and tradenames on such apparel. The
licenses are subject to periodic renewal and negotiation and certain minimum
payments.


                                       I-2
<PAGE>   5

                                    SEGMENTS


         The Company has two reportable segments: Activewear and International.
These segments offer similar products and operate in multiple locations. The
reportable segments are each managed separately because they manufacture and
distribute products into different geographical areas. The segment information
found in Note 11 on pages 44 and 45 of the 2000 Annual Report to Shareholders is
hereby incorporated by reference.

         Activewear - The Company's Activewear segment consists of four brands
that sell to sporting goods dealers, department and specialty stores, mass
merchants, wholesale clubs, college bookstores, screen printers, distributors,
golf pro shops, and mail order catalogs. The Company's activewear apparel
products include t-shirts, fleece products, such as sweatshirts and sweatpants,
athletic uniforms, knit shirts, and other activewear casual apparel.

         The Activewear segment consists of the primary operations of the
Company's JERZEES(R), Russell Athletic(R), Cross Creek(R), and Mossy Oak
Apparel(R) brands. Activewear is sold by a combination of a salaried,
company-employed sales force and commission agents.

         The Activewear segment utilizes company-owned manufacturing facilities
to produce product, as well as contractors or other vendors for components in
the manufacturing process or for the procurement of finished product. Generally,
company-owned and operated manufacturing facilities for Activewear consist of
fabrication, dyeing and finishing, cutting, and sewing.

         Russell Yarn consists of the spinning of yarns, the process by which
fibers of raw cotton or blends of cotton and synthetic fibers are converted into
continuous strands. Yarn uniformity and strength are the principal
characteristics which materially affect the efficiency of subsequent
manufacturing processes and the quality of the finished fabrics or apparel. This
unit manufactures a variety of yarn sizes primarily for use in the balance of
the Company's manufacturing processes.

         Russell Yarn purchases synthetic fibers from one principal supplier.
There are approximately four major producers of such fibers in the world. The
Company purchases cotton from various merchants and producers.

         This unit has experienced no material difficulty in purchasing adequate
supplies and does not presently anticipate difficulties in the future. Russell
Yarn has no contracts for the supply of raw materials extending beyond a year.

         Fabrication is the process of converting yarn, provided by the
Company's yarn unit or purchased from a third party, into cloth or fabrics. This
is done through the process of single knitting, supplemented by smaller
operations of double knitting and warp knitting. These operations are generally
conducted in plant locations in Alabama and North Carolina.

         These fabrics are then dyed and/or finished in company-owned facilities
or by contractors. The dyeing and/or finishing processes impart and affect the
appearances, the hand (feel), color fastness, uniformity, shade, and stability
(retention and form) of the fabric.


                                       I-3
<PAGE>   6



         Company-owned cutting and sewing operations for Activewear, located in
plants in the United States, Mexico, and Honduras, are augmented by various
contractors in the Caribbean, North America, Central America and South America.

         International - The International segment distributes activewear
products primarily under the JERZEES(R) and Russell Athletic(R) brands
throughout various countries outside the United States and Canada. This
segment's major market is Europe, where the Company engages in marketing of
activewear.

         All Other - Other segments that do not meet the quantitative thresholds
for determining reportable segments manufacture and sell fabrics to other
apparel manufacturers and manufacture and sell socks.

         Russell Fabrics designs, manufactures and markets quality woven fabrics
of cotton, polyester and cotton/polyester blends in a variety of patterns,
colors and constructions to other apparel manufacturers, primarily for the
manufacture of school and industrial uniforms.

         DeSoto Mills supplies popularly priced socks for men, women and
children primarily under the Company's JERZEES(R) and Russell Athletic(R)
brands, through a company-employed sales force principally to the discount
retailer and wholesale club markets.


                                   COMPETITION

         The textile-apparel industry in all of the Company's business segments
is highly competitive, and the Company has many domestic and foreign
competitors, both large textile-apparel companies and smaller concerns. While
the sales of a few competitors are substantially greater than those of the
Company, no single competitor dominates the industry.

                                    EMPLOYEES

         As of December 30, 2000, the Company had 16,540 employees, as follows:

<TABLE>
                           <S>                  <C>
                           Activewear           15,034
                           International           450
                           All Other               736
                           Shared                  320
</TABLE>

The Company has never had a strike or work stoppage and considers its
relationship with its employees to be good.

                                   REGULATION

         The Company is subject to federal, state and local laws and regulations
affecting its business, including those promulgated under the Occupational
Safety and Health Act (OSHA), the Consumer Product Safety Act (CPSA), the
Flammable Fabrics Act, the Textile Fiber Product Identification Act, and the
rules and regulations of the Consumer Products Safety Commission (CPSC). The
Company believes that it is in compliance with all applicable governmental
regulations under these statutes. The Company believes it is in compliance with
all current environmental requirements and expects no major additional
expenditures in this area in the foreseeable future.


                                       I-4
<PAGE>   7


                           FORWARD-LOOKING INFORMATION

         With the exception of historical information, the matters and
statements discussed, made or incorporated by reference in this Annual Report on
Form 10-K constitute forward-looking statements and are discussed, made or
incorporated by reference, as the case may be, pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Wherever
possible, the Company has identified these "forward-looking" statements (as
defined in Section 21E of the Securities and Exchange Act of 1934) by words such
as "anticipates," "believes," "intends," "estimates," "expects" and similar
phrases. In addition, the Company and its representatives may from time to time
make other oral or written statements that are also forward-looking statements.

         Some forward-looking statements concern anticipated sales levels, cost
estimates and resulting earnings that are not necessarily indicative of
subsequent periods due to the mix of future orders, at once orders and product
mix changes, which may vary significantly from year to year or quarter to
quarter, and the timing and effect of the Company's restructuring and
reorganization plan. These forward-looking statements are based upon assumptions
the Company believes are reasonable; however, such statements are subject to
risks and uncertainties which could cause the Company's actual results,
performance and achievements to differ materially from those expressed in, or
implied or contemplated by, these statements. These risks and uncertainties
include, but are not limited to, the overall level of consumer spending for
apparel; the financial strength of the retail industry; actions by competitors
that may impact the Company's business (including in particular changes in
pricing); accuracy of forecasts; the existence of excess capacity in the
Company's industry; changes in prices of raw materials used in the Company's
manufacturing processes; the ability of the Company to reduce cost in more
labor-intensive segments of the manufacturing process; the success of planned
advertising, marketing and promotional campaigns and international activities;
changes in customer relationships; the impact of economic changes in the markets
where the Company competes, such as changes in interest rates, currency exchange
rates, inflation rates, recession, and other external economic and political
factors over which the Company has no control; and other risks and uncertainties
discussed or indicated in other documents filed by the Company with the
Securities and Exchange Commission from time to time. The Company assumes no
obligation to update publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.

ITEM 2.  Properties

         The Company's principal executive offices are located in Atlanta,
Georgia and Alexander City, Alabama, with owned manufacturing plants located in
Alabama, North Carolina, Mexico and Honduras. The Company has no material
mortgages on any of its real property or manufacturing machinery except for
capitalized lease obligations (see Note 2 of Notes to Consolidated Financial
Statements), and believes that all of its properties are well maintained and
suitable for its operations and are currently fully utilized for such purposes,
excluding plants that are held for resale as a result of restructuring. (See
Note 10 of Notes to Consolidated Financial Statement.)


                                       I-5
<PAGE>   8

         The Company utilizes an aggregate of approximately 9,143,000 square
feet of manufacturing, warehousing and office facilities, and has 1,389,000
square feet that is either idle or held for sale. The following table summarizes
the approximate areas of such facilities:

<TABLE>
<CAPTION>
                                                                                                       Total
       Primary Use                  Activewear     International       All Other      Shared        Square Feet
       -----------                  ----------     -------------       ---------      ------        -----------
<S>                                 <C>            <C>                 <C>          <C>             <C>
Spinning                            1,214,000                                                        1,214,000
Knitting and Weaving                  872,000                           143,000                      1,015,000
Dyeing and Finishing                  879,000                           137,000                      1,016,000
Cutting and Sewing                    978,000                                                          978,000
Warehousing and Shipping            2,878,000         164,000           424,000                      3,466,000
Retail/Outlet Stores                   12,000                                                           12,000
Executive Offices,
   Maintenance Shops and
   Research and Development
   Facilities                                                                         531,000          531,000
Scotland                                               97,000                                           97,000
Mexico                                382,000         150,000                                          532,000
Honduras                              231,000                                                          231,000
Idle or held for sale                                                               1,389,000        1,389,000
Other                                                  51,000                                           51,000
</TABLE>

         All presently utilized facilities in the U.S. are owned, except the
regional sales offices, certain distribution facilities and the Company's
headquarters in Atlanta, Georgia (see Notes 2 and 9 of Notes to Consolidated
Financial Statements).

ITEM 3.  Legal Proceedings

         The Company has been a co-defendant in Sullivan, et al. v. Russell
Corporation, et al., in Jefferson County, Alabama. Five families were plaintiffs
in this case; other defendants were Avondale Mills, Inc. and Alabama Power
Company. The claims asserted at the trial of this case were for trespass and
nuisance relating to property owned by the plaintiffs on Lake Martin in a
subdivision of Alexander City, Alabama. The damages claimed by the plaintiffs
were for decreased value of their homes, mental anguish and punitive damages. In
November 1998, the jury returned a verdict against all three defendants in the
amount of $155,200 compensatory damages for alleged property devaluation, $0
damages for mental anguish and punitive damages of $52,398,000. The defendants
appealed this verdict to the Alabama Supreme Court, which on August 4, 2000,
reversed the jury verdict and rendered judgment in favor of the Company and the
other defendants on all claims. The plaintiffs filed an application for
rehearing before the Alabama Supreme Court, which denied that application and
reaffirmed its ruling in favor of the defendants in an opinion issued on January
12, 2001. The Alabama Supreme Court issued a Certificate of Judgment affecting
such actions on January 30, 2001.

         On February 23, 1999, a similar lawsuit was filed in Jefferson County,
Alabama, by two former residents of the same residential subdivision, which suit
was dismissed with prejudice without liability on the Company's part on February
1, 2001. On January 13, 2000, another lawsuit was filed in Jefferson County,
Alabama, by 15 families owning property adjacent to Lake Martin, seeking
unspecified damages for alleged nuisance and trespass. The Company plans to
vigorously defend this suit.

         By letter dated January 13, 2000, the Company was notified by the
United States Department of Justice (DOJ) that the DOJ intended to institute
legal proceedings against the Company and certain other parties alleging
violations by those parties of the Clean Water Act in connection with the
treatment and discharge of waste at a water treatment facility operated by the
City of Alexander City, Alabama. Continuing discussions are being held with the
DOJ with regard to the proposed suit by the DOJ. The Company believes it is in
compliance with the Clean Water Act and will vigorously oppose the imposition of
any monetary penalties or injunctive relief in any lawsuit that may be filed.


                                       I-6
<PAGE>   9

         The Company is a party to various other lawsuits arising out of the
conduct of its business, the majority of which, if adversely determined, would
not have a material adverse effect upon the Company.

ITEM 4.  Submission of Matters to a Vote of Security Holders

         None.

EXECUTIVE OFFICERS OF THE COMPANY

         "Election of Directors" on pages 1 through 3 of the Proxy Statement for
the Annual Meeting of Shareholders to be held April 25, 2001 is incorporated
herein by reference.

         Additional executive officers who are not directors are as follows:

<TABLE>
<CAPTION>
                                                     Officer
               Name                    Age            Since                     Position
         ----------------              ---           -------            -------------------------
         <S>                           <C>           <C>                <C>
         Jonathan Letzler               44            1998              Executive Vice President/
                                                                         President and Chief
                                                                         Executive Officer,
                                                                         JERZEES

         Robert D. Martin               53            2000              Senior Vice President/
                                                                         Chief Financial Officer

         Floyd G. Hoffman               58            1999              Senior Vice President/
                                                                         Corporate Development,
                                                                         General Counsel and
                                                                         Secretary

         Eric N. Hoyle                  53            1998              Senior Vice President/
                                                                         President and Chief
                                                                         Executive Officer,
                                                                         Cross Creek Apparel

         Thomas R. Johnson, Jr.         58            1989              Senior Vice President/
                                                                         President and Chief
                                                                         Executive Officer,
                                                                         Yarn

         Carol M. Mabe                  52            2000              Senior Vice President/
                                                                         President and Chief
                                                                         Executive Officer,
                                                                         Russell Athletic

         JT Taunton, Jr.                58            1983              Senior Vice President/
                                                                         President and Chief
                                                                         Executive Officer,
                                                                         Fabrics and Services

         K. Roger Holliday              42            1988              Vice President, Investor
                                                                         Relations and Treasurer

         Nancy N. Young                 52            1998              Vice President,
                                                                         Communications and
                                                                         Community Relations

         Larry E. Workman               57            1987              Controller
</TABLE>



                                       I-7
<PAGE>   10

<TABLE>
<CAPTION>
                                                     Officer
               Name                    Age            Since                     Position
         ----------------              ---           -------            -------------------------
         <S>                           <C>           <C>                <C>

         Steve R. Forehand              45            1987              Assistant General Counsel
                                                                         and Assistant Secretary

         Christopher M. Champion        30            2001              Associate Counsel,
                                                                         Director of Government
                                                                         Relations and Assistant
                                                                         Secretary
</TABLE>

         Mr. Letzler was employed by the Company in 1998, as Senior Vice
President and Chief Executive Officer of JERZEES. Prior to joining the Company,
he was with Sara Lee Corporation, from 1980 to 1998, most recently as President
of Hanes Hosiery and prior to that he was President of the Hanes Printables
Division.

         Mr. Martin, employed by the Company in 2000, was most recently Senior
Vice President and CFO for Sunbeam Corporation's international operations. Prior
to joining Sunbeam, he had been with Sara Lee Corporation's branded apparel
operations for 21 years, most recently as Vice President and CFO of the European
business.

         Mr. Hoffman was employed by the Company in 1999 in his current
position. Prior to joining the Company, he was most recently Vice
President-General Counsel and Secretary for OSI Industries, Inc. from 1996 to
1999. Prior to that, he was Vice President-Deputy General Counsel and Assistant
Secretary for Sara Lee Corporation.

         Mr. Hoyle, was employed by the Company in 1998, as the Executive Vice
President and Chief Financial Officer of the Company from 1998 to 2000. Prior to
joining the Company, he was most recently with Ithaca Industries, from 1994 to
1998, serving as Chief Financial Officer. During the time Mr. Hoyle served as
Chief Financial Officer, Ithaca Industries, Inc. filed a petition in bankruptcy
court under Chapter 11 of the Bankruptcy Code.

         Mr. Johnson, employed by the Company since 1989, most recently served
as Executive Vice President, Manufacturing. Prior to that, he was Vice
President, Greige Manufacturing.

         Ms. Mabe, employed by the Company in 1999, most recently served as
President of Russell Athletic. She was named President and Chief Executive
Officer of Russell Athletic and Senior Vice President of Russell Corporation in
2000. Prior to joining Russell she was Vice President of strategic marketing for
VF Jeanswear, Inc. She has also held executive positions with Victoria's Secret
Stores and Sara Lee Corporation.

         Mr. Taunton, employed by the Company since 1973, most recently served
as Executive Vice President, Sales and Marketing. Prior to that, he served as
President of the Fabrics Division from 1988 to 1993.

         Mr. Holliday, employed by the Company since 1986, was named Vice
President, Investor Relations in 1998, and Treasurer in 1996. He served as
President of the Licensed Products Division from 1994 to 1996, President of the
Knit Apparel Division from 1991 to 1994 and Assistant Treasurer from 1988 to
1991.

         Ms. Young was employed by the Company in 1998 in her current role.
Prior to joining the Company, she was with Sara Lee Corporation from 1984 to
1998, most recently as Director, Corporate Affairs and Community Relations.


                                       I-8
<PAGE>   11

         Mr. Workman, employed by the Company since 1969 as an accountant,
served as Manager, Cost Accounting from 1970 to 1987.

         Mr. Forehand, employed by the Company in 1985 as Director of Taxes,
served as Assistant Secretary from 1987 to 1988 and Secretary from 1989 to 1998.

         Mr. Champion joined the Company in 1994 as a staff attorney. He was
named Director, Government Relations in 1999, and assumed his current duties in
2001.

         All executive officers and all other officers of the Company were
elected or re-elected to their positions at the Board of Directors meeting on
February 21, 2001.


                                       I-9

<PAGE>   12


                                     PART II


ITEM 5.  Market for the Registrant's Common
         Equity and Related Stockholder Matters

         "Dividend and Market Information" on the inside back cover of the
Annual Shareholders Report for the year ended December 30, 2000 is incorporated
herein by reference.

         The approximate number of holders of the Company's common stock at
March 27, 2001 was 8,000.


ITEM 6.  Selected Financial Data

         "Ten Year Selected Financial Data" on pages 22 and 23 of the Annual
Shareholders Report for the year ended December 30, 2000 is incorporated herein
by reference with respect to fiscal years 2000, 1999, 1998, 1997, and 1996.


ITEM 7.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations

         "Management's Discussion and Analysis of Financial Condition and
Results of Operations" on pages 24 through 27 of the Annual Shareholders Report
for the year ended December 30, 2000 is incorporated herein by reference.

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

"Management's Discussion and Analysis of Financial Condition and Results of
Operations" on pages 24 through 27 of the Annual Shareholders Report for the
year ended December 30, 2000 are incorporated herein by reference.


                                      II-1
<PAGE>   13

ITEM 8.  Financial Statements and Supplementary Data

         The following consolidated financial statements of the registrant and
its subsidiaries included in the Annual Shareholders Report for the year ended
December 30, 2000 are incorporated herein by reference:

         Consolidated Balance Sheets - December 30, 2000 and January 1, 2000

         Consolidated Statements of Operations - Years ended December 30,
                2000, January 1, 2000 and January 2, 1999

         Consolidated Statements of Cash Flows - Years ended December 30,
                2000, January 1, 2000 and January 2, 1999

         Consolidated Statements of Stockholders' Equity - Years ended
                December 30, 2000, January 1, 2000 and January 2, 1999

         Notes to Consolidated Financial Statements - Years ended December
                30, 2000, January 1, 2000 and January 2, 1999

         Report of Independent Auditors


ITEM 9.  Changes in and Disagreements with
         Accountants on Accounting and Financial Disclosure

         None.


                                      II-2
<PAGE>   14

                                    PART III


ITEM 10. Directors and Executive Officers of the Registrant


         "Election of Directors" on pages 1 through 3 of the Proxy Statement for
the Annual Meeting of Shareholders to be held April 25, 2001 is incorporated
herein by reference.

         "Executive Officers of the Company" on pages I-7 through I-9 of this
report is incorporated herein by reference.

         "Section 16(a) Beneficial Ownership Reporting Compliance" on page 6 of
the Proxy Statement for the Annual Meeting of Shareholders to be held April 25,
2001 is incorporated herein by reference.


ITEM 11. Executive Compensation

         "Executive Compensation" on pages 10 through 14 of the Proxy Statement
for the Annual Meeting of Shareholders to be held April 25, 2001 is incorporated
herein by reference. "Management Development and Compensation Committee Report
on Executive Compensation" and "Comparative Five-Year Cumulative Total Returns
Through 12/30/2000" on pages 7 through 10 of the Proxy Statement for the Annual
Meeting of Shareholders to be held April 25, 2001 are incorporated herein by
reference, but pursuant to Instruction (9) to Item 402 (a)(3) of Regulation S-K
shall not deemed to be filed with the Commission or subject to the liabilities
of Section 18 of the Securities Exchange Act of 1934.


ITEM 12. Security Ownership of Certain Beneficial Owners and Management

         (a)      "Principal Shareholders" on pages 4 and 5 of the Proxy
Statement for the Annual Meeting of Shareholders to be held April 25, 2001 is
incorporated herein by reference.

         (b)      Information concerning security ownership of management set
forth in the Proxy Statement for the Annual Meeting of Shareholders to be held
April 25, 2001 under the captions "Security Ownership of Executive Officers and
Directors" on page 3 is incorporated herein by reference.

         (c)      There are no arrangements known to the registrant the
operation of which may at a subsequent date result in a change in control of the
registrant.

ITEM 13. Certain Relationships and Related Transactions

         "Transactions with Management and Others" on page 6 of the Proxy
Statement for the Annual Meeting of Shareholders to be held April 25, 2001 is
incorporated herein by reference.


                                      III-1
<PAGE>   15


                                     PART IV


ITEM 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

         (a)      List of Documents filed as part of this Report:

                  (1)      Financial Statements
                              All financial statements of the registrant
                              as set forth under Item 8 of this Report on
                              Form 10-K

                  (2)      Financial Statement Schedule

<TABLE>
<CAPTION>
                           Schedule                                                Page
                            Number                 Description                    Number
                            ------          ------------------------          -------------
                            <S>             <C>                               <C>
                              II            Valuation and Qualifying          IV-4 and IV-5
                                             Accounts
</TABLE>

         All other financial statements and schedules not listed have been
omitted since the required information is included in the consolidated financial
statements or the notes thereto, or is not applicable or required.

                  (3)      Exhibits (numbered in accordance with Item 601 of
                            Regulation S-K)

<TABLE>
<CAPTION>
                                                                              Page Number or
                           Exhibit                                            Incorporation
                           Numbers               Description                  by Reference to
                           -------           --------------------             ---------------
                           <S>               <C>                              <C>
                            (3a)             Restated Articles of                  IV-8
                                             Incorporation


                            (3b)             Certificate of Adoption           Exhibit 4.2 to
                                             of Resolutions by Board           Current Report
                                             of Directors of Russell           on Form 8-K filed
                                             Corporation dated                 September 17, 1999
                                             October 25, 1989

                            (3c)             Bylaws                                   IV-9


                            (4a)             Rights Agreement dated            Exhibit 4.1 to
                                             as of September 15, 1999          Current Report on
                                             between the Company and           Form 8-K filed on
                                             SunTrust Bank, Atlanta,           September 17, 1999
                                             Georgia

                            (4b)             Note Agreement dated as           Exhibit (4b) to Annual
                                             of August 28, 1997                Report on Form 10-K for
                                             relating to the Company's         year ended January 1, 2000
                                             6.65% Senior Notes due
                                             August 28, 2007
</TABLE>


                                      IV-1
<PAGE>   16


<TABLE>
<CAPTION>
                                                                              Page Number or
                           Exhibit                                            Incorporation
                           Numbers               Description                  by Reference to
                           -------           --------------------             ---------------
                           <S>               <C>                              <C>
                            (4c)             Credit Agreement dated           Exhibit (4c) to Annual
                                             as of October 15, 1999           Report on Form 10-K for
                                             relating to the Company's        year ended January 1, 2000
                                             $250,000,000 Revolving
                                             Loan Facility

                            (10a)            Form of Deferred                 Exhibit (10a) to Annual
                                             Compensation Agreement           Report on Form 10-K for
                                             with certain officers            year ended December 30,
                                             1995

                            (10b)            Fuel supply contract             Exhibit 13(c) to
                                             with Russell Lands,              Registration Statement
                                             Incorporated dated               No. 2-56574
                                             May 21, 1975

                            (10c)            1987 Stock Option Plan           Exhibit 1 to Registration
                                                                              Statement No. 33-24898

                            (10d)            Russell Corporation 1997         Exhibit (10f) to Annual
                                             Non-Employee Directors'          Report on Form 10-K for
                                             Stock Grant, Stock Option        year ended January 2, 1999
                                             and Deferred Compensation
                                             Plan

                            (10e)            Amended and Restated             Appendix B to Proxy
                                             Executive Incentive Plan         Statement dated March 16, 2000

                            (10f)            Russell Corporation              Exhibit 4(k) to
                                             Flexible Deferral Plan           Registration Statement
                                                                              No. 333-89765

                            (10g)            Russell Corporation              Exhibit 4(k) to
                                             2000 Stock Option Plan           Registration Statement
                                                                              No. 333-30238

                            (10h)            Russell Corporation              Exhibit 4(k) to
                                             Employee Stock Purchase          Registration Statement
                                             Plan                             No. 333-30236

                            (10i)            Russell Corporation              Exhibit 4(m) to
                                             2000 Non-Employee                Registration Statement
                                             Directors' Compensation          No. 333-55340
                                             Plan

                            (10j)            Employment Agreement,            Exhibit 10.1 to Quarterly
                                             dated March 31, 1998, by         Report on Form 10-Q/A for
                                             and Between the Company          quarter ended April 5,
                                             and John F. Ward                 1998 as filed with the
                                                                              Securities and Exchange
                                                                              Commission on August 24, 1998


</TABLE>


                                      IV-2
<PAGE>   17


<TABLE>
<CAPTION>
                                                                              Page Number or
                           Exhibit                                            Incorporation
                           Numbers               Description                  by Reference to
                           -------           --------------------             ---------------
                           <S>               <C>                              <C>
                            (10l)            Executive Deferred               Exhibit 10.2 to Quarterly
                                             Compensation and Buyout          Report on Form 10-Q/A for
                                             Plan dated March 31, 1998,       quarter ended April 5,
                                             by and between the Company       1998 as filed with the
                                             and John F. Ward                 Securities and Exchange
                                                                              Commission on August 24, 1998

                             10(m)           Amended and Restated                        IV-10
                                             Employment Agreement
                                             dated April 1, 2001, by
                                             and between the Company
                                             and John F. Ward

                             10(n)           Amended and Restated                        IV-11
                                             Executive Deferred
                                             Compensation and Buyout
                                             Plan dated April 1, 2001,
                                             by and between the Company
                                             and John F. Ward

                             10(o)           Employment Agreement             Exhibit (10n) to Annual
                                             dated November 20, 1998          Report on Form 10-K for
                                             by and between the Company       year ended January 1, 2000
                                             and Jonathan Letzler

                             10(p)           Russell Corporation                         IV-12
                                             Supplemental Executive
                                             Retirement Plan dated
                                             February 23, 2000

                              (11)           Computations of Income/                     IV-13
                                             (Loss) per Common Share

                              (13)           2000 Annual Report to                       IV-14
                                             Shareholders

                              (21)           List of Significant                         IV-15
                                             Subsidiaries

                              (23)           Consent of Ernst & Young LLP,               IV-16
                                             Independent Auditors

                              (99)           Proxy Statement for April 25, 2001
                                             Annual Shareholders' Meeting
</TABLE>

         Pursuant to Item 601(b)(4)(iii) of Regulation S-K, upon request of the
Commission, the registrant will furnish copies to the Commission of any
agreement which defines the rights of holders of long-term debt of the
registrant for which the total amount of securities authorized thereunder does
not exceed 10% of the total assets of the registrant and its subsidiaries on a
consolidated basis and which have not heretofore been filed with the Commission.

         (b)      Reports on Form 8-K

                  No reports on form 8-K were filed during the fourth quarter of
                  the year ended December 30, 2000.



                                      IV-3

<PAGE>   18

                 SCHEDULE II--VALUATION AND QUALIFYING ACCOUNTS
                      RUSSELL CORPORATION AND SUBSIDIARIES


<TABLE>
<CAPTION>
                                               BALANCE AT         ADDITIONS                                          BALANCE
                                               BEGINNING      CHARGED TO COSTS                                       AT END
DESCRIPTION                                    OF PERIOD        AND EXPENSES     ACQUISITION     DEDUCTIONS         OF PERIOD
-----------                                    ----------     ----------------   -----------     ----------         ---------
<S>                                           <C>             <C>                <C>             <C>               <C>
YEAR ENDED DECEMBER 30, 2000
     Allowance for doubtful accounts          $ 4,520,566       $10,242,005      $      -0-      $ 6,946,131(1)    $ 7,816,440
     Reserve for discounts and returns          3,391,201         7,731,241             -0-      $ 9,142,609(2)      1,979,833
                                              -----------        -----------     ----------      -----------       -----------
                        TOTALS                $ 7,911,767       $17,973,246      $      -0-      $16,088,740       $ 9,796,273
                                              ===========       ===========      ==========      ===========       ===========


YEAR ENDED JANUARY 1, 2000
     Allowance for doubtful accounts          $ 5,363,868       $   412,214      $      -0-      $ 1,255,516(1)    $ 4,520,566
     Reserve for discounts and returns          3,198,242         1,984,423             -0-        1,791,464(2)      3,391,201
                                              -----------       -----------      ----------      -----------       -----------

                        TOTALS                $ 8,562,110       $ 2,396,637      $      -0-      $ 3,046,980       $ 7,911,767
                                              ===========       ===========      ==========      ===========       ===========

YEAR ENDED JANUARY 2, 1999
     Allowance for doubtful accounts          $ 7,350,437       $13,927,466      $      -0-      $15,914,035(1)    $ 5,363,868
     Reserve for discounts and returns          3,182,594         8,692,248             -0-        8,676,600(2)      3,198,242
                                              -----------       -----------      ----------      -----------       -----------

                        TOTALS                $10,533,031       $22,619,714             -0-      $24,590,635       $ 8,562,110
                                              ===========       ===========      ==========      ===========       ===========
</TABLE>


(1)      Uncollectible accounts written off, net of recoveries.

(2)      Discounts and returns allowed customers during the year.

<PAGE>   19

                 SCHEDULE II--VALUATION AND QUALIFYING ACCOUNTS
                      RUSSELL CORPORATION AND SUBSIDIARIES


<TABLE>
<CAPTION>
                                                 BALANCE AT        ADDITIONS                                           BALANCE
                                                 BEGINNING     CHARGED TO COSTS                                         AT END
DESCRIPTION                                      OF PERIOD       AND EXPENSES     ACQUISITION    DEDUCTIONS            OF PERIOD
-----------                                     -----------    ----------------   -----------    -----------          -----------
<S>                                             <C>            <C>                <C>             <C>                 <C>
RESTRUCTURING AND REORGANIZATION RESERVES

YEAR ENDED DECEMBER 30, 2000
     Asset impairment and
        accelerated depreciation                $14,632,000       $34,000,000          -0-       $19,292,000(4)(5)    $29,340,000
     Employee termination charges                 4,770,000        11,834,000          -0-        13,284,000(3)         3,320,000
     Inventory write-downs                        3,251,000         3,648,000          -0-         3,969,000(5)         2,930,000
     Termination of certain
        licenses and contracts                    1,223,000         3,313,000          -0-         2,130,000            2,406,000
     Exit cost related to facilities                534,000         4,596,000          -0-         5,130,000(3)               -0-
     Other                                              -0-         7,620,000          -0-         6,169,000(3)         1,451,000
                                                -----------       -----------          ---       -----------          -----------
                        TOTALS                  $24,410,000       $65,011,000          -0-       $49,974,000          $39,447,000
                                                ===========       ===========          ===       ===========          ===========

YEAR ENDED JANUARY 1, 2000
     Asset impairment and                       $ 3,951,000       $28,459,000          -0-       $17,778,000(4)(5)    $14,632,000
         accelerated depreciation
     Employee termination charges                 4,567,000        17,542,000          -0-        17,339,000(3)         4,770,000
     Inventory write-downs                        1,964,000         4,988,000          -0-         3,701,000(5)         3,251,000
     Termination of certain
         licenses and contracts                   1,223,000               -0-          -0-               -0-            1,223,000
     Exit cost related to facilities                534,000        11,743,000          -0-        11,743,000(3)           534,000
     Other                                              -0-         7,989,000          -0-         7,989,000(3)               -0-
                                                -----------       -----------          ---       -----------          -----------
                        TOTALS                  $12,239,000       $70,721,000          -0-       $58,550,000          $24,410,000
                                                ===========       ===========          ===       ===========          ===========

YEAR ENDED JANUARY 2, 1999
     Asset impairment and                               -0-       $30,085,000          -0-       $26,134,000(3)(4)    $ 3,951,000
         accelerated depreciation
     Employee termination charges                       -0-         8,088,000          -0-         3,521,000(3)         4,567,000
     Inventory write-downs                       16,109,000        14,145,000                                           1,964,000
     Termination of certain
         licenses and contracts                         -0-         7,258,000          -0-         6,035,000(3)         1,223,000
     Exit cost related to facilities                    -0-         1,816,000          -0-         1,282,000(5)           534,000
     Other                                              -0-         8,531,000          -0-         8,531,000                  -0-
                                                -----------       -----------          ---       -----------          -----------
                        TOTALS                          -0-       $71,887,000          -0-       $59,648,000          $12,239,000
                                                ===========       ===========          ===       ===========          ===========
</TABLE>

(3)      Represents cash paid

(4)      Represents assets write-off

(5)      Represents assets sold after write-down

<PAGE>   20


                                   SIGNATURES


         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunder duly authorized.




                                    RUSSELL CORPORATION
                                        (Registrant)


Date: 3/29/01                       By: /s/ John F. Ward
      -------                          -----------------------------------------
                                            John F. Ward
                                       Chairman, President and CEO


         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report is signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.



<TABLE>
<S>                                          <C>                             <C>
           /s/ John F. Ward                  Chairman, President and CEO     3/29/01
         ---------------------------                                         -------
               John F. Ward                                                   Date



                                             Senior Vice President and
           /s/ Robert D. Martin                Chief Financial Officer       3/29/01
         ---------------------------                                         -------
               Robert D. Martin                                               Date



           /s/ Herschel M. Bloom             Director                        3/29/01
         ---------------------------                                         -------
               Herschel M. Bloom                                              Date



            /s/ Ronald G. Bruno              Director                        3/29/01
         ---------------------------                                         -------
                Ronald G. Bruno                                               Date



           /s/ Timothy A. Lewis              Director                        3/29/01
         ----------------------------                                        -------
               Timothy A. Lewis                                               Date



           /s/ C. V. Nalley III              Director                        3/29/01
         ----------------------------                                        -------
               C. V. Nalley III                                               Date
</TABLE>


                                      IV-6
<PAGE>   21



<TABLE>
<S>                                          <C>                             <C>
           /s/ Margaret M. Porter            Director                        3/29/01
         -----------------------------                                       -------
               Margaret M. Porter                                             Date



           /s/ Mary Jane Robertson           Director                        3/29/01
         -----------------------------                                       -------
               Mary Jane Robertson                                            Date



           /s/ Benjamin Russell              Director                        3/29/01
         -----------------------------                                       -------
               Benjamin Russell                                               Date



           /s/ John R. Thomas                Director                        3/29/01
         -----------------------------                                       -------
               John R. Thomas                                                 Date



           /s/ John A. White                 Director                        3/29/01
         -----------------------------                                       -------
               John A. White                                                  Date



           /s/ Larry E. Workman              Controller                      3/29/01
         -----------------------------       (Principal Accounting Officer)  -------
               Larry E. Workman                                               Date
</TABLE>

                                      IV-7