You may need to borrow an older CPU to update the BIOS. Since this is a new board and not used, it may have an older BIOS in it that doesn't support the 2700K (F4 is the earliest one that does)
So, in order to find out if this is the main issue or not, you'll need to borrow or find a friend that will let you test with their 2500/2600 CPU, or lower ones like 2100 would work too
If you can't do that right away, the next testing you should do is get the board out of the case and OFF the motherboard tray and try starting it on a wooden table or cardboard box, with NOTHING connected but the CPU/heatsink, one stick of memory, and your keyboard. Do not connect any USB devices, hard drives, CD/DVD drives, graphics cards, ect.
If you are unable to find a older CPU to test with, please take some images of your CPU socket so we can be sure bent CPU socket pins are not the issue here. Do this in a well lit room with NO flash, macro mode enabled on the camera, and take images from several angles off to the side of the socket (IE not straight down). And then post them here, do not resize them, but post links only for large images
*Edit*
Before you get into any of the above, have you tried clearing the CMOS? Switch the PSU off in the rear, then press and hold the case power on button for one minute. Then remove the CMOS battery and short the clear CMOS pins for one minute. Then remove the short, put the battery back, and turn on the PSU and try it again.
