If I'm Memphis's AD, I shitcan Tubby and hire Penny in a heartbeat.
It's Memphis basketball, a good but not exactly legendary program. It's not ND hiring Faust.
He's THE face of basketball both for the city and the University. And it's not like he's coming to coach straight from playing in the league or the broadcast booth. He's a very well regarded high school and AAU coach. Not the same as college, obviously, but it's not like he has no clue how to coach players.
He's extremely well connected in AAU circles and almost assuredly will bring two 5-star players (including the #1 recruit in America) to Memphis and give the program the shot in the arm it desperately needs.
And all of this is not even predicated on Larry Brown joining his staff. If that happens (and I have no clue why Larry Brown, at his age, would want to be an assistant, but whatever), it's an absolute slam dunk.
I hate it, because it will most likely cost us Wiseman and Jeffries, but with Tubby basically telling every recruit in America to get off his lawn last week, Memphis has to do something now. Penny's a risk, but probably a risk that's worth it for Memphis.
Having said all that, Kenny Payne would be a damn good fit for Memphis as well.