BOULDER, Colo. -- Mike Bohn has a prime seat to watch his replacement.
The University of Colorado will not only pay the athletic director $918,000 following his resignation, but also give him season tickets to various Buffaloes sporting events for life.
The funds for Bohn's payout will come out of athletic department revenues, not from taxpayer dollars or tuition, chancellor Philip DiStefano reiterated at a news conference Wednesday.
Bohn, who grew up in Boulder, submitted his resignation Tuesday after eight years in charge of the athletic program. The reasons for his resignation were not disclosed and DiStefano didn't shed any new light on the situation in a rather brief news conference held on campus.
"It was a personnel decision," DiStefano said. "I really can't get into specifics."
He could say what qualities he's looking for in the next candidate: Someone with business acumen and sports savvy. Someone who can fundraise, too.
DiStefano wants the new AD to act like a CEO, a person to manage a program with an annual budget of $50 million to $60 million.
"Athletics is big business," DiStefano said. "I want to make sure we have an athletic director who will run the athletic department like a business since we are a big business. And also have as a No. 1 priority fundraising, for not just facilities we need for football but fundraising for other issues as well."
Next week, DiStefano will assemble a search committee, which will decide if an outside firm should be consulted. The school is in no hurry, either.
Former CU women's basketball coach Ceal Barry will serve as the interim director of intercollegiate athletics upon Bohn's departure on June 3.
"I don't think we'll lose a beat and continue to do good things over the summer while this process is going through," DiStefano said.
Would he consider Barry for the position?
"Absolutely," he said. "I would love to see Ceal apply, but that's certainly her choice."
Barry dodged the question of whether she would throw her name in for consideration.
"We'll see," she said. "I've been doing this for about 22 hours. I want to keep my focus on what I've been asked to do currently."
In a copy of the settlement agreement obtained by The Associated Press, Bohn promised to return his courtesy vehicle on June 3 and his university-issued cellphone, along with his iPad, on June 15. Any furniture or other personal items in his office have to be removed by June 15 as well.
He will also be paid three equal sums of $306,000 over the next three years -- a payout on July 1, another on Jan. 1, 2014, and a final installment on Jan. 1, 2015. In addition, Bohn will receive eight season tickets for CU football and basketball games "for his remaining lifetime."
Then again, Bohn has deep ties to the community, graduating from Boulder High before going to college at Kansas.
"It's common," DiStefano said of Bohn's ticket request. "Previous athletic directors who left the university have received tickets."
The payout package does come with a caveat: That he doesn't sue the school "for any claims, known or unknown, arising out of the Employment Agreement."
In an email sent to his athletic staff Tuesday and acquired by the AP, Bohn wrote: "They want to go in a different direction and that is their prerogative. This is a very disappointing, troubling and shocking development as we have made so much progress together over the past 8 years."
Under Bohn, the Buffaloes moved from the Big 12 Conference to the Pac-12 and sent their basketball teams to the NCAA tournament. Colorado struggled on the football field, though, as Bohn fired two coaches and pushed a third out the door.
Gary Barnett, who was the incumbent coach when Bohn took over the department, reluctantly accepted a buyout in 2005 after going 49-38 in seven seasons marred by a sexual assault scandal. Dan Hawkins was fired in 2010 after going 19-39 in five seasons and Jon Embree lasted only two seasons.
Bohn replaced Embree in December with Mike MacIntyre, formerly of San Jose State.
Asked why he didn't replace Bohn before finding a new coach, DiStefano said: "Actually, I'm very satisfied and very pleased with all of our coaches. ... As I said, personnel decisions are difficult decisions and they take a while to make. We have, I believe, the right coaches in place."
Bohn's tenure also included a recent turnaround of the men's basketball team. With coach Tad Boyle at the helm, the Buffs have been to the NCAA tournament the past two seasons.
In February, Colorado announced a $50 million fundraising campaign to anchor a $170 million multiyear upgrade of CU athletics facilities at Folsom Field and the Dal Ward Center and the development of an indoor practice facility.
"We're in a conference now, the Pac-12 Conference, that's a conference of champions," DiStefano said. "It's a very competitive conference. To be competitive in football, men's basketball, women's basketball, I think we have to take the long view. When I take the long view, I'm satisfied with the decision that I made."