A mid-major coach staying at his current job instead of cashing in is somewhat analogous to guys who would be first round NBA draft picks - some guys who turn down the big pay day are better off for staying because their position in the draft rises dramatically, but for others their stock drops and they end up worse off because they stayed.
Not too long ago Chris Lowery at Southern Illinois was the flavor of the month, but turned down offers at BCS schools. Now "Chris Lowery buyout" is one of the top suggestions to the phrase "Chris Lowery" in Google searches because SIU fans want him to be fired after a disappointing 5-13 season in the MVC. I don't think it's too smart (no pun intended) for Shaka to stay at VCU instead of immediately going for a BCS job, especially with Rodriguez, Skeen and Rozzell (3 of their 4 double-digit scorers) being seniors this season & losing 4 of the team's top-5 in terms of minutes per game. I do think it's reasonable for Stevens to stay at Butler because Butler has established a solid reputation of being an NCAA tourney team, and not just any NCAA tourney team but one who is a serious threat to win at least a game or two every year over the past decade. Butler is essentially the new Gonzaga & you can't fault a coach for staying in that situation. VCU, on the other hand, is to me more like SIU and it's much harder to make NCAA tourney frequently from the CAA (or MVC) where there is much more parity than there is in the Horizon league (or WCC). When you get in the tourney often like a Gonzaga or Butler, the odds of making a run are a lot better because you won't have a particularly tough draw every year. If you're a program that only makes it only once out of every four years, the margin for error is not very generous.