The University of Colorado board of regents approved basketball coach Jeff Bzdelik's five-year contract and his $270,000 buyout from the Air Force Academy on Thursday.
Bzdelik went 50-16 in two seasons with the Falcons before being lured away on April 4 to Boulder to replace Ricardo Patton.
Bzdelik's annual compensation is around $750,000, more than twice what he was making at Air Force.
The regents, meeting in Colorado Springs, Colo., also approved moving expenses of up to $15,000 and eight season tickets to football and men's and women's home basketball games.
If Bzdelik leaves the school before 2009, he'd have to pay CU $750,000. After that, he'd have to pay $500,000 to break his contract.
LOBO RECRUIT WILL TRANSFER: Derek Oestreicher, a 6-foot-11 freshman center at New Mexico who redshirted last season, plans to transfer to another school, the university said Thursday.
"This was a very hard decision for me to make," said Oestreicher, who was recruited to New Mexico by former coach Ritchie McKay.
McKay was fired in February and New Mexico hired former Iowa coach Steve Alford.
Oestreicher sat out last season after undergoing knee surgery in August.
"I have been thinking about this since I knew coach McKay wasn't coming back and I feel that it is the best decision for me at this time," Oestreicher said in a statement issued by the university.
Oestreicher signed with New Mexico after averaging 21 points and 10 rebounds a game his senior season at Liberty Christian High School in Shasta Lake, Calif.
Alford said Oestreicher's request to be released from his scholarship at New Mexico would be granted.
NEVADA'S KEMP, SESSIONS ENTERING DRAFT: Nevada junior guards Marcelus Kemp and Ramon Sessions will enter the NBA draft in June but without agents so they'll retain the option of returning to school next fall, coach Mark Fox said Thursday.
The two players have filed early-entry paperwork with the NBA and have until June 18 to decide whether to withdraw from the June 28 draft.
"I am supportive of Marcelus' and Ramon's desire to explore the NBA and gain the information necessary to make educated decisions," Fox said in a statement
ALSO: Theo Davis, suspended from the Gonzaga basketball team after he was arrested for misdemeanor marijuana possession, agreed Thursday to community service and life skills classes in a deal that could erase the charge. Davis was arrested Feb. 9 in Cheney with Gonzaga forward Josh Heytvelt ... Louisiana Lafayette was placed on probation for two years and will lose two basketball scholarships under NCAA sanctions announced Thursday, stemming from a basketball player's correspondence course and the football program's mandatory summer workouts. The head of the NCAA's Division I Infractions Committee said the panel did not find the violations to be intentional.