Hancock, currently BCS administrator, will assume his new assignment immediately, the BCS said in a release Tuesday. He has been with the BCS since October 2005.
His new duties will include management of the daily operations of the BCS, interaction with bowl organizations and television rights holders and to serve as the organization's primary spokesman.
"Bill has been a tremendous asset to the BCS since beginning his involvement in 2005," said John Swofford, BCS coordinator. "With the continued growth and interest in the BCS, it became evident to all of us that an executive director was necessary to coordinate what has become a full-time slate of daily responsibilities."
Swofford, the commissioner of the Atlantic Coast Conference, will continue with BCS coordinator duties until Jan. 7, when Hancock will also assume many of those duties.
Hancock served as director of the NCAA Division I Men's Basketball Championship from 1989 to 2002.