John Calipari decided late Monday night to sleep on Kentucky's offer to become its next basketball coach, a source close to the situation said.
The two sides had inched ever closer to a deal throughout Monday that could make him the highest-paid coach in the country.
While Calipari met with Memphis officials earlier Monday, representatives for both sides were working out details of an agreement. Sources told ESPN.com that the offer is believed to be for eight years and around $35 million.
Florida's Billy Donovan is currently the highest-paid coach in the country, securing a deal for $3.5 million per year after his second national championship.
Calipari had a morning meeting with his players to discuss his interest in the Kentucky opening, and players came away convinced their coach would leave for Lexington, the Memphis Commercial Appeal reported, citing a source close to the situation.
"He told us he's going to keep us posted," Memphis freshman forward Wesley Witherspoon told WHBQ-TV in Memphis.
The Wildcats had a short meeting at their practice gym Monday afternoon. Asked afterward if they had a new coach, senior Jared Carter said, "I think so." Asked if it was Calipari, Carter shrugged his shoulders and said, "I don't know."
Several other Kentucky players, including stars Jodie Meeks and Patrick Patterson, were escorted by university staffers and did not comment after leaving the Joe Craft Center. Calipari met with Kentucky officials on Sunday at an undisclosed location, at which time he was given an outline on the length of a deal and contract dollars to succeed Billy Gillispie, the source said.
According to The Associated Press, Memphis athletic director R.C. Johnson said in a statement that the university will do whatever it can to retain Calipari, who has four years left on his contract paying him $2.35 million annually.
But more than money, Calipari has to decide if he wants to leave a program that he has transformed into a national championship contender for Kentucky, one of the most tradition-rich programs in the sport that has recently fallen upon hard times.
Calipari's top recruit, DeMarcus Cousins, has made an oral commitment to Memphis, but because national letters of intent do not have to be signed until next month, Cousins could easily follow Calipari to Kentucky if he were to become the Wildcats' coach.
Calipari has a longstanding rivalry with Louisville coach Rick Pitino, who coached Kentucky to a national championship in 1996, and would have the opportunity to go head-to-head with him within the borders of a state that considers college basketball to be the national pastime.
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