Yeah, the CPU and mobo are definitely different sockets and not compatible.
My opinions:
That i7 is still overkill for gaming. No games currently out are actually optimized for that level of multi-threading (despite what you may read about Watch_Dogs or Wolfenstein.) Top end i5 will save you $70-$100.
Also, no games currently out utilize more than 8gb of ram, so more than 16gb is also probably overkill.
Spend that money saved on CPU and RAM on the new GTX 970, which has more GPU power, and is much more power efficient. With that, that system should certainly last at least 2-3 years @ 1080p.