  The ferrimagnetic spinel $\mathrm{CoV_2O_4}$ has been a topic of intense
recent interest, both as a frustrated insulator with unquenched orbital
degeneracy and as a near-itinerant magnet which can be driven metallic with
moderate applied pressure. Here, we report on our recent neutron diffraction
and inelastic scattering measurements on powders with minimal cation site
disorder. Our main new result is the identification of a weak ($\frac{\Delta
a}{a} \sim 10^{-4}$), first order structural phase transition at $T^*$ = 90 K,
the same temperature where spin canting was seen in recent single crystal
measurements. This transition is characterized by a short-range distortion of
oxygen octahedral positions, and inelastic data further establish a weak
$\Delta\sim 1.25 meV$ spin gap at low temperature. Together, these findings
provide strong support for the local orbital picture and the existence of an
orbital glass state at temperatures below $T^*$.
