Colorado's Board of Regents approves, among other things, CU's degree programs and coach contracts. The Board of Regents consists of six state legislators and determines how much of the state's education budget goes to CU Boulder (currently about $2B out of $38B total). CU's chancellor has done two very significant public 180s regarding CU's football program in the past year. First, when Colorado fired Karl Dorrell last year, Distefano categorically said CU didn't have the degree programs necessary for Deion's expected transfer players and "
that's not going to change". He might have been (likely was) talking to donors and the AD at the time about doing exactly that, but he knew he'd first have to clear it with the regents who could overrule such a move. On 4th of December, DiStefano announced a
rule change regarding transfer credits and new degree programs. On 22nd of December, CU's
board of regents approved Deion's contract. In June of this year, the Board of Regents announced a
new "education studies" degree program at CU Boulder. That's how it played out. DiStefano needed to know the legislators who oversee him would sign off on a new degree program and approve Deion's contract. You don't send those sorts of things to a vote unless you expect you have the votes. The legislators who oversee him had to be on board.
The other significant reversal by DiStefano in the past 12 months was on CU's conference membership. In April, DiStefano was publicly stating they are "
committed to the Pac 12." Given that such a decision significantly affects CU's budget and operating expenses, I'd expect their move to the Big 12 also had to be cleared with the BOR.