This isn't meant to be a negative response to GopherJake's initial post. However, as "Year of the Gopher" posted, so many people don't really understand a hiring process.
I lead an organization with a nearly 1,000 employees. If I am filling an executive position, I don't just wait for applications to come in, or only talk with people I know would take the job. Instead, I have a list of people I know and/or am aware of their work who are highly thought of, and I go and talk with them. I ask about their interest in the position, and who else is out there I should talk to. Sometimes those individuals use that to their advantage and tell their current organization they've been asked about an open position and they get an extended contract or raise. Other times, after talking, they share their interest and we talk some more. Usually, because they are successful, they say thanks, but I'm going to stay in my current job, but here's some people you should talk with.
I would rather have 5, 8, or 12 highly successful, happy people say no, and then find the right fit than only talk with people I know might want to move. Sometimes, I have been surprised and I have had a great person say, "I'm ready to try something new and I love what you're doing." It was worth asking. Usually, they say no thanks, but I get a recommendation.
Teague probably knew some of these folks were happy where they are and they would say no. What's the harm in asking? He could have very well had Pitino on his list, just not in the top four or five. Who cares? He still got someone he thinks is a quality candidate.
Last, Sid wasn't right. Sid said people wouldn't come because he fired Tubby. From the rumors out there, someone like Hoiberg was very impressed with Teague. He didn't come because he is happy where he is, not because of something we didn't offer. I'm glad we got someone who is running to Minnesota, rather than away from somewhere.