We are hearing the same thing you are with Painter to Mizzou. Frankly the Purdue primary message board(GoldandBalck.com-it's a Rivals site) is at a 2.5 on the 1-10 scale of meltdown with the possibility of going to 11. The only thing that is preventing a complete and total meltdown right now is that we have Cuonzo Martin at Missouri State, who was brought up here as a possible replacement for Tubby. Martin could jump in and take over within a 24-48 period if Painter left, because he not only coached at Purdue under Keady and Painter but also played here with Big Dog back in the early 90's. Ideally he would have another year and a Sweet 16 under his belt but I'll take it.
Overall the main feeling/hope is that Coach Painter is using the Mizzou job for leverage to get more money from Morgan Burke the AD who frankly hasn't been overly generous with Coach Painter in the past. I'm hoping thats true. If Painter leaves everyone will say the right things publicly but in private I would expect a Roy Williams leaving Kansas level of vilification.
Pure speculation here but Purdue's top assistant Paul Lusk, was in line to get the Northern Illinois job(he has also been mentioned for the IUPUI job) but withdrew his name a few days ago, so he might know something that we don't. That something being that Painter takes the Mizzou job, Martin goes to Purdue, and Lusk finds his way to Missouri State or Martin to Mizzou, then Lusk takes Missouri State.