Bobo's deal is expected to be for five years, a source told Schad.
Colorado State feels Bobo's recruiting plan, personality and demeanor are an excellent fit for the program.
The Rams' previous head coach, Jim McElwain, was hired by the Gators this offseason to fill the same role at Florida.
Bobo's Bulldogs ranked 30th in the nation in yards per game this season, 11 spots behind Colorado State's potent attack. Bobo was named Georgia's offensive coordinator in 2007 after joining head coach Mark Richt's staff in 2001.
Information from ESPN.com's Mark Schlabach contributed to this report.