I think that CU officially runs and produces the football and basketball radio networks, and then essentially sells the product to affiliates, like KOA (when I was in college they even had a broadcast affiliate at one of the Aspen stations, so I could listen when I went home).
Buffalo Sports Properties is the entity that manages media rights for CU broadcasts. They have some kind of arrangement with Learfield Sports, and are listed as a "property" of Clearfield Sports, although I am unclear what that means.
Learfield appears to be involved in marketing collegiate properties, so maybe they sell the network adds and the feed to local stations. My impression is that Buffalo Sports Properties is like a division of the Athletic Department (their mailing address is at Folsom), so Rick George would have ultimate control over it.