This is a guess, but I think it's the bolded that is the issue. At the end of the day, the regents have to sign off on all employment contracts above a certain value.
It's certainly possible that they can't delegate that authority - only a lawyer really steeped in Colorado state administrative law could answer that question.
What is clear though is that regardless of whether or not the regents can delegate that authority, they have not done so.
The only way to really change this is to elect regents that really care about athletics; or, at a bare minimum, defeat candidates for regent that are anti - athletics.
I don't know, but suspect, that target #1 needs to be Kroll. The election in which to beat him is the primary.
I've long thought that if you're a donor to CU athletics, even a smaller dollar one, that the most effective targeting of your donation dollars would be to direct half (or more) of them towards efforts to 1. defeat regents that have demonstrated anti - athletics tendencies - replacing them with someone that is at least neutral would probably have a bigger impact than: 2. electing regents that are pro - athletics.