Michigan has a ton of insiders and a large fan/alumni base that is thirsty for any information on who the next coach will be. We want to either "freak out" or celebrate the hire. The problem with a lot of insiders is that news can leak out fast and that is not what you want during a coaching search.
Case in point, last week there was"smoke" about a specific coach who was locked up and an announcement was forth coming. When you have that type of buzz with out a signed agreement, it causes a chain reaction at the school where he is currently working and could work against U of M.