One and done? Report says UNM Athletics Director Fernando Lovo expected to take Colorado job

It was a hell of a first year for Fernando Lovo as the University of New Mexico athletics director.

But it appears it will be just one year.

Yahoo! Sports' Ross Dellenger reported Saturday evening on the social media platform X that, "Colorado is targeting New Mexico AD Fernando Lovo in its athletic director search, sources tell @YahooSports. No deal is finalized and UC Board of Regents must authorize any move."

The Journal confirmed with multiple sources in and around UNM — both within and outside the athletics department — that Lovo to Colorado appears to be a done deal, though the AD has not returned messages from the Journal.

Lovo, 37, started at UNM on Dec. 1, 2024. Before that, he was an associate AD at the University of Texas.

The Office of UNM President Garnett Stokes would only say that the athletics department is operating "as normal."

"At this time, no final decisions have been made and no changes to leadership have occurred," read a statement from a spokesperson for Stokes. "UNM Athletics continues to operate as normal, with a continued focus on supporting our student-athletes, coaches, and staff."

Lovo was in attendance at Friday's Rate Bowl in Phoenix with the Lobo football team, donning his familiar cherry red blazer and sneakers while pacing the sideline during the 20-17 overtime loss to Minnesota.

He did not attend Saturday's Isleta New Mexico Bowl, played at University Stadium.

Both first-year UNM football head coach Jason Eck and first-year UNM men's basketball head coach Eric Olen — Lovo's two highest-profile hires — told the Journal they would not comment on the Lovo situation when reached by phone.

Lovo hired Eck last December and Olen in March to replace coaches who left for higher-paying jobs.

The successful hires of Eck and Olen are among the feathers in Lovo's first-year cap. Also, in Lovo's tenure, the athletics department had record fundraising, new revenue from the state legislature, national championships in track and cross country, the nation's top year-over-year home attendance jump for football, and UNM finished as the highest-ranked non-power conference FBS school in the 2024-25 Learfield Director's Cup standings measuring overall athletic department success.

Lovo also oversaw the recent negotiation of a new contract for Eck with a raise and extension after immense, and unexpected first-year success in football. Included in that contract was a buyout term for Eck that, unlike his contract a year ago, now includes a clause that drops his buyout by 50% if Lovo is to leave while Eck is coach.

The new contract for Eck, who has been rumored for numerous head coaching vacancies, takes effect Jan. 1 and there would be a $4 million buyout if he were to leave before Dec. 31, 2026. But, if Lovo is gone for any reason, that buyout drops to $2 million. The clause holds true for 12 months from the day Lovo officially leaves UNM, but stays at $4 million if Eck leaves for a job wherever Lovo is employed.

Colorado, where Deion Sanders is head football coach, went 3-8 overall and 1-8 in Big 12 this season. CU Athletics Director Rick George announced in November he is stepping down. CU has used the search firm CSA Search & Consulting for its AD search.

Lovo's current contract at UNM, which is supposed to run through Nov. 30, 2029, pays him a base salary of $400,000 with numerous incentives that piled up quickly this past year for such achievements as academic success, conference and national championships, the Learfield Director's Cup results and NCAA Tournament appearance by the men's basketball team.

He may owe UNM as much as $800,000 if he leaves. 

Per his contract: "If Mr. Lovo terminates this Contract during the Contract Term, Mr. Lovo agrees to pay to the University as liquidated damages, and not as a penalty, fifty percent (50%) of his base salary for the remainder of the Contract Term, within ninety (90) days of such termination. Liquidated damages may be modified to a lesser amount at the discretion of the President."

At a $400,000 base salary for four more years, that would equal $800,000, though this past month wouldn't be counted toward that and the amount could change if Stokes agrees to lessen the buyout.