So apparently this thread is the top result on google for this issue in 2016 and sorry to revive this thread but I think someone needs to show a working cooling fix.
I just finished a cheap I7 build with an i7 3770k and have upgraded from a mini itx build as some poorly optimized games were struggling on my old email@example.com and the board didnt have vcore adjustment. I got the i7 3770k at a bargain price and the performance is close to the current i7 6700k when overclocked so went about getting a micro atx board.
There really werent many z77 boards available(had to be z77 for >2133mhz ddr3) in the micro atx size so I wound up with this Z77 Pro4-M board intending to overclock to the 4.6ghz range.
The board seemed ok on paper but to overclock to that speed my 3770k needs 1.44v to get to 4.6ghz which doesnt seem to far off but is quite high but the cpu keeps throttling down to 3.5ghz(then raising and throttling dwn again) when stressed for a couple of minutes which points to a heat issue. When I felt the vrm heatsinks they were both very hot and hwmonitor didnt show any high motherboard temps.
My only option to fix this is to add better cooling with a couple of cheap fans and 2.5mm cable ties shown below which brought consistent performance with my 3770k staying at 4.6ghz and cool heatsinks to touch. The random fans are from a hard drive cooler I got free with a case years ago work off a molex connector but are crucially silent.
I'm trying to find a decent replacement cooler for the stock black ones and havent replaced the stock thermal pads yet which may make cooling a little better.