As a Tech alumnus and donor to the GT AA, the (fairly credible) rumors we're getting is that (a) the AA was able to negotiate a lower buyout of Hewitt in the neighborhood of $2MM (brining his buyout to ~ $5.2MM) and (b) the fundraising effors were very successful to not only buy Hewitt out, but to at least go after a reasonably big-named coach. We've been hearing that the AD is particularly keen to go after Kevin Stallings at Vandy, although it's unlikely he would leave Vanderbilt for Tech. The other name who is even less likely to leave is Brad Stevens (if he leaves, it would probably be to a Top-10 job). I suspect they will settle for a proven mid-major coach. While the Atlanta media is abuzz about Tubby, I'm told there is no interest on either end. It's a great long-term job with a new practice facility, new gym, Atlanta recruiting, ACC affiliation, and an exceptional AD. But I doubt Tubby would be at Tech beyond a few years.
For Tech, as was previously mentioned, hiring a 60-year-old coach is probably not the best match to rejuvenate the program (I don't think 'rebuild' is the right word here, because there will be a pretty good core of players returning, plus with Atlanta recruiting, rebuilding efforts are not nearly as much of a long-term project). His offensive sets might resemble Hewitt's too much.
For Tubby, he will have a team that is better positioned to win next year at Minnesota than at Tech. Moreover, Tech's gym is being renovated and their games will be played offsite (split between Philips Arena where the Hawks play, but also in suburban Gwinnett). It will be a tough year to be Tech coach next year, and at Tubby's age it's probably far too risky as he would probably want to win right away.
I'm sure the rumors will be flying about Tubby leaving for other ACC jobs (NC State, Miami, maybe Wake). But Tubby fans will not have to worry about him departing for ATL.