The person spoke on the condition of anonymity because Jones hadn't publicly revealed his decision to stay at the University of Cincinnati.
The Cincinnati Enquirer first reported Jones had withdrawn his name from consideration for the Buffaloes job.
Colorado athletic director Mike Bohn met with Jones on Monday in Boulder and offered him a five-year deal worth at least $13.5 million.
Jones was Colorado's top choice to replace Jon Embree, who was fired after going 4-21 in two seasons at his alma mater.
Now, it's back to Square 1 for a program that, at 1-11, just completed the worst season in its 123-year history.
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