The University of Colorado has a new athletic director.
On Monday, CU and chancellor Justin Schwartz officially announced that Fernando Lovo has been hired as the seventh full-time athletic director in school history.
Prior to the announcement on Monday morning, the CU Board of Regents unanimously approved Lovo’s five-year contract, which will pay him $1.2 million per year, plus incentives. He becomes the highest-paid AD in CU history.
The contact includes a base salary of $600,000 per year, as well as $600,000 annually in supplemental salary for “media activities” and “community relations.”
Lovo, 37, who has spent the past 13 months as the athletic director at New Mexico, will replace Rick George, who is stepping away from his AD role at the end of the school year after 13 years on the job.
Lovo, who has a wife, Jordan, and two young children, Liam and Layla, will officially start work at CU on Thursday.
“I’m honored to join this incredible group of student-athletes, coaches and staff at a tremendous institution that strives for excellence and espouses the right values,” Lovo said in a press release. “We are in a time of extraordinary change in college athletics and Colorado should lead the way in shaping what comes next. I look forward to helping our student-athletes succeed in every aspect of their lives while bringing championships to Buff Nation. I am sincerely grateful to the CU Board of Regents, President (Todd) Saliman, and Chancellor Schwartz for this incredible opportunity to lead this iconic department and its storied programs. I am also honored to take over leadership of CU Boulder Athletics from Rick George, one of the legendary athletic directors in the country.”
Lovo and George will work together through the end of the school year, as George helps Lovo through the transition period.
George, the longest-tenured AD at CU since Eddie Crowder (1965-84), announced in November that he will step away and transition to a new role. He plans to be a special advisor to Schwartz, as well as a role of director of athletics emeritus. George also plans to work with the football program and head coach Deion Sanders.
“When we began our national search for a new Director of Athletics, we sought someone of high character, committed to the student-athlete experience who has an innovative approach to revenue generation,” Schwartz said in a press release. “Fernando is a dynamic leader who is perfect for these dynamic times and embodies CU’s high standards and values. He has a proven track record of leading student-athletes to success both in competition and in the classroom, and I’m confident that he is the perfect steward to lead CU Athletics into this new era of college athletics. We are thrilled to welcome Fernando, Jordan, Liam and Layla to the CU family.”
Lovo was hired by New Mexico less than 13 months ago – on Dec. 1, 2024 – but he owns a lengthy background in athletics administration.
Prior to New Mexico, Lovo worked two different stints at the University of Texas (2016-21 and 2021-24). In between, he spent most of 2021 working for the NFL’s Jacksonville Jaguars in a chief of staff position. Lovo, a University of Florida graduate, has also worked at Ohio State (2012-15) and one year at the University of Houston (2015-16).
Lovo had a short but eventful tenure at New Mexico.
A year ago, Lovo hired head football coach Jason Eck, who led the Lobos to a 9-4 record and a trip to the Rate Bowl this season. It was New Mexico’s first winning season and bowl appearance since 2016.
Lovo also hired men’s basketball coach Eric Olen, who went 240-119 at San Diego and has the Lobos off to a 10-2 start this season.
During Lovo’s first year at UNM, the athletics program finished 49th in the Learfield Director’s Cup standings, which was the best finish among a “Group of Five” school in 12 years, per his bio page at New Mexico. New Mexico won eight Mountain West Conference championships during his first year.
According to the university, it has also been a record year for fundraising and revenue for UNM athletics, as the operating budget grew by 17.6%. New Mexico set records for tickets sales, multimedia rights, parking, concessions, and trademark and licensing revenue.
The Lobos also set numerous academic records, including a Mountain West record 231 Scholar-Athlete selections, which goes to student-athletes who have achieved a 3.5 GPA or higher, and 273 conference All-Academic Team members, which recognizes those student-athletes who have cumulative GPA for the academic year of 3.0 or higher.
Lovo had four years remaining on a five-year contract at New Mexico that paid him a base salary of $400,000 per year, according to the Albuquerque Journal. Per the terms of his contract, he would owe UNM 50% of his salary for the remainder of his contract terms (nearly $800,000). Per Lovo’s contract with the Buffs, CU will “pay or reimburse” him for the buyout required by New Mexico.
Lovo will be tasked with navigating the CU athletic department through what is projected as a significant budget deficit while a new era of college athletics featuring unrestrained player movement, shifting eligibility rules and direct NIL/revenue payments continues to evolve.
Lovo’s contract includes incentives for reaching specific fundraising goals.
He would receive $200,000 for raising $25 million by June 30, 2026, and an additional $200,000 for raising $25 million during the 2027 fiscal year (July 1, 2026, to June 30, 2027). There is an additional $200,000 incentive for raising $30 million during the 2028 fiscal year.
Lovo could also earn $250,000 for raising $35 million during the 2029 fiscal year, $250,000 for raising $40 million during the 2030 fiscal year, and $150,000 for raising $25 million during the final six months of 2030.
There are other incentives for academic success, attendance goals and competitive achievement.
If CU were to fire Lovo without cause, he would be owed all remaining base salary.