Officials said the buyout is effective immediately.
Till said he planned not to return at the end of his contract and board members said they decided it was in the best interest of the district to create the vacancy and begin searching for a replacement.
"The entire Board of Education thanks Dr. Till for his dedication and commitment to the district over the past eight years and wishes him, and his wife Barbara, the very best in the future," said Board Chairman Greg West.
The Board also voted 9-0 to name Tim Kinlaw, current associate superintendent for CCS' Auxiliary Services, as the Interim Superintendent. Kinlaw has 24 years with the district and has previously served as Interim Superintendent.
"With an experienced, senior leadership team in place, Tim Kinlaw is well-equipped to lead the district while the Board focuses on the search process. We will be in good hands during this transition," said West.