The fact that Tennessee acted pretty rapidly in securing Cuonzo leads me to believe that there could actually be something in the works here. However the fact that Cuonzo is now spoken for could also light a fire under Purdue's arse and get them to pony up more cash to keep Painter.
Here's how Mizzou fans are connecting the dots at this point.
Painter's interest has a lot to do with the cheap nature of Purdue's AD. Martin obviously knows about this, as well.
Painter currently makes about $1.3 million/year. Martin knows he won't get close to that at Purdue.
Painter and Martin share an agent, so they undoubtedly communicate on things like this.
Martin's offered $1.5 at Tennessee (more than Painter makes at Purdue, and probably double what Purdue would offer him). He takes it immediately.
Martin also takes the job knowing that even if Painter stays at Purdue, he is not #2 on the list. The Mizzou job wouldn't be an option for him. He's also apparently not #1 on Purdue's list if Painter does leave. He has four options: stay at Missouri State, wait on Purdue (may never come, AD is cheap), wait on Mizzou (may never come, but AD will pay), or take $1.5 million/year from an SEC team. His choice is easy.
Rumor has it now that Purdue may be ready to settle for Paul Lusk, Painter's current top assistant.