I'm having the exact same problem with the exact same MB and CPU. Someone told me to flash the bios, but I'm having trouble figuring out how to do that with being able to boot.
You can't get to the bios until you can boot.
I got a replacement CPU from Amazon today. Installed it and the CPU_LED light is still RED. So that eliminates CPU. I'm sending MB back to Newegg.
By the way, I doing a return to NewEgg and not a replacement. Their RMA process works by my sending the board back (5-7 days), then they will ship a new one the next business day. I then wait for UPS to delivery (5-7 days). Cost to ship back the board is $13.75.
I decided to order a new board from Amazon because of my experience with the replacement CPU. Amazon shipped a replacement CPU as soon as I requested a replacement, so I got the replacement within 2 days and I can use the package to ship back the old CPU. Much faster and efficient. Plus since I'm an Amazon Prime customer, no shipping charges either way. Everyone should check into Amazon Prime.