That's an uninformed assumption you're making. Even though it plays in the Missouri Valley Conference, Creighton is a very attractive basketball job for many reasons.
--First of all, Creighton doesn't have football, so men's basketball is king at the school, hands down. There is no competing with football for budget needs, or attention.
--The fact that Dana Altman had upped the ante to the point where he was earning $1,130,250 in 2007 also means that the job pays as much or more than many jobs at second-tier BCS schools. I think McDermott had been earning a reported $900,000 at ISU, so Creighton is actually able to offer him a significant pay raise. Also consider that Altman had walked away from $1,500,000 at Arkansas, which probably led to an even higher salary the past couple years at Creighton.
--And, as McDermott mentioned in his press conference this morning, the Bluejays have one of the best fan bases in all of college basketball, and they play in a facility (
Qwest Center Omaha) that is as good or better than any arena in the Big XII or most other major conferences. Creighton has
averaged almost 16,000 fans per game for the past four or five years, so it's not too hard to bring high-profile kids in, and sell them on the program, in addition to the high-quality education they can get at the school.