Colorado Buffaloes Agree To Historic Deal With New Athletic Director

The Colorado Buffaloes finalized a contract with new athletic director Fernando Lovo. Lovo is joining the Buffaloes at a critical time in the era of Name, Image, and Likeness (NIL) deals, and the program proved the importance of the hire through his historic contract.

Colorado football coach Deion Sanders looks on against Texas Tech in a Big 12 football game Saturday, Nov. 9, 2024, at Jones AT&T Stadium. | Stephen Garcia/Avalanche-Journal / USA TODAY NETWORK via Imagn Images

The Colorado Buffaloes’ board of regents has officially approved the contract of new athletic director Fernando Lovo. Lovo most recently held the position with New Mexico and will replace Rick George.

After reports that Lovo was expected to take the role, he has signed a historic deal with the Colorado Buffaloes. According to Buffzone’s Brian Howell, Lovo will be the highest-paid athletic director in Colorado history.

Nov 23, 2024; Kansas City, Missouri, USA; Colorado head coach Deion Sanders watches his players warmup prior to the game between the Kansas Jayhawks and the Colorado Buffaloes at GEHA Field at Arrowhead Stadium. Mandatory Credit: Nick Tre. Smith-Imagn Images | Nick Tre. Smith-Imagn Images

The contract is a five-year deal, with Colorado paying Lovo $1.2 million per year plus incentives. Lovo will officially begin on Thursday, Jan. 1.

Colorado’s board of regents approves the contract of new AD Fernando Lovo. The former New Mexico AD has a 5-year deal with CU that will pay him $1.2 million per year, plus incentives. He will be the highest-paid AD in CU history. He officially starts work on Thursday. #cubuffs.

— Brian Howell (@BrianHowell33) December 29, 2025

Fernando Lovo To Help Colorado Grow During NIL Era

George was the athletic director for Colorado for the past 13 years, and Lovo is joining the program at a critical time. Colorado chancellor Justin Schwartz highlighted the hiring of the new athletic director as the most important one in history.

Nov 29, 2025; Manhattan, Kansas, USA; Colorado Buffaloes head coach Deion Sanders looks on during the second quarter against the Kansas State Wildcats at Bill Snyder Family Football Stadium. Mandatory Credit: Scott Sewell-Imagn Images | Scott Sewell-Imagn Images

“This is the most important athletic director hire in our history based simply on the stakes that are involved,” Schwartz said in an exclusive interview with Buffzone. “With so much change and uncertainty in college athletics, it is important that we position ourselves for success now so that we can succeed in the future.”

Name, Image, and Likeness (NIL) deals are growing, and the Colorado Buffaloes have to keep up with the changes to compete for a national title.

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Lovo spent one year as New Mexico’s athletic director before joining the Buffaloes. He quickly helped the athletics program earn a high revenue through fundraising.

Per the New Mexico Lobos’ athletics, Lovo led the department to a record revenue year. Lovo helped grow the overall operating budget by 17.6 percent from the 2025 to 2026 fiscal year and had a record year in Lobo Club fundraising.

Oct 11, 2025; Boulder, Colorado, USA; Colorado Buffaloes head coach Deion Sanders during the first quarter against the Iowa State Cyclones at Folsom Field. Mandatory Credit: Ron Chenoy-Imagn Images | Ron Chenoy-Imagn Images

Colorado’s athletic department is already trending in the right direction financially, and given Lovo’s history, he will play a key role in boosting the Buffaloes even more.

According to CNBA, Colorado Athletics’ 2025 valuation is $574 million, with a year-over-year increase of 22 percent. The program’s 2024 revenue is set at $147 million, with a 16 percent year-over-year change.

Although a valuation is the determination of the program’s monetary worth, not revenue, it shows the program is trending in the right direction.

Fernando Lovos Joining Colorado At Critical Time

The Colorado Buffaloes football program gave coach Deion Sanders a five-year, $54 million contract extension ahead of the season. After his extension, the Colorado Buffaloes saw their worst season of the Sanders era.

Sep 12, 2025; Houston, Texas, USA; Colorado Buffaloes head coach Deion Sanders looks on from the sideline during the first half against the Houston Cougars at TDECU Stadium. Mandatory Credit: Troy Taormina-Imagn Images | Troy Taormina-Imagn Images

When the Buffaloes hired Sanders, he was essentially given full rein of the team. The relationship between Sanders and Lovo could be a vital aspect of how the football program progresses as the team looks to turn things around next season.

After finishing 2025 with just three wins, the team is seeing a mass exodus through the transfer portal, losing several key players.

Sanders has discussed money being the driving factor for players entering the transfer portal. Hiring Lovos, who excels at fundraising, can help the Buffaloes gain the resources needed to build a competitive team.