March 6, 2016 - University of Memphis head coach Josh Pastner (left) sports a huge smile while doing post game interview with CBS play-by-play announcer Dave Ryan (right) after a 83-53 victory over East Carolina University at Williams Arena at Minges Coliseum in Greenville, N.C. (Mark Weber/The Commercial Appeal)

By Jason Smith and Geoff Calkins of The Commercial Appeal

In the end, both sides got what they wanted. Embattled head coach Josh Pastner got a fresh start at Georgia Tech and the University of Memphis, having saved roughly $9.3 million in electing last month not to fire Pastner, gets to search for just its third head coach in the last 16 seasons.

"Memphis basketball is a historically renowned program, with a strong national legacy, and we expect to attract a national candidate pool," U of M athletic director Tom Bowen said in a statement released minutes after Pastner was named Georgia Tech’s head coach Friday afternoon.

It was just three weeks ago that Bowen, U of M President David Rudd and an athletic advisory committee decided not to fire Pastner after a review of the program, which has gone 39-27 over the last two seasons and failed to make the postseason. Firing Pastner — who went 167-73 in seven seasons at Memphis but just 2-4 in four NCAA tournament appearances — would’ve cost the U of M $10.6 million.

Instead, it agreed to pay him a total of $1.255 million over two years in a contract settlement, potentially freeing the program financially to go after a marquee coaching name such as Wichita State’s Gregg Marshall, who’s been a hot prospect the last few seasons. Marshall, who led the Shockers to a Final Four in 2013 and a Sweet 16 in 2015, is making $3 million per year and is slated to make $3.5 million in 2018.

Would Memphis be willing to pay a higher price to get him? Perhaps, considering how desperate it is resuscitate the program quickly. Memphis’ average turnstile count for home games at FedExForum dropped to just over 6,000 this season, which nearly cost it all of an $800,000 annual payment from the Memphis Grizzlies. Marshall would provide the kind of name recognition that could potentially bring fans back.

He was a popular name for the Memphis opening on sports radio talk shows and social media Friday.

"The obvious answer is you get your ducks in a row, you get your big money people on board and you say, ‘Let’s put a contact in front of Gregg Marshall that will give him what he wants.’ I think that’s where you go first," USA Today writer Dan Wolken said on the Gary Parrish Show on ESPN 92.9 FM on Friday.

"If Memphis wants Marshall, they need to call him and no one else, (maybe) meet with him once and offer about $3.5-4 million. Get it done real quick," Bleacher Report senior writer Jason King tweeted

If Memphis can’t land Marshall, among other candidates it might consider are VCU’s Will Wade, Ole Miss’ Andy Kennedy and East Tennessee’s Steve Forbes. Memphis could also look locally to Tigers legend Penny Hardaway, who’s coaching at East High, or make a run at Duke assistant coach Jeff Capel, who removed his name from consideration for the Georgia Tech job this month.

Memphis said it plans to "engage the same search advisory committee and follow the same protocols and procedures that were utilized in the hiring of (football) coach Mike Norvell" in December. But it’s imperative that the school move quickly, with just three weeks left in the spring recruiting period. Memphis has at least five scholarships open for next season and will likely have six with Chicago point guard Charlie Moore having reopened his recruitment after Pastner’s departure.

ESPN’s Andy Katz reported Friday that Pastner’s contract at Georgia Tech is expected to pay him $11 million over six years — an average of roughly 1.8 million per season. Pastner will make another $620,000 from Memphis over the next two years, which would put him at roughly $2.4 million for two seasons — not far off the $2.65 million he would’ve made at Memphis next season.

"I loved my time at Memphis. Seven years," Pastner said during his introductory news conference at Georgia Tech on Friday. "We won a lot of games. I followed coach (John) Calipari. I was on his staff for a year and following him, he had the greatest run in the history of college basketball in terms of most wins, and when I got the job I was 31.

"So I was able to be at that level, probably in one of the most intense jobs — if not the most intense job and tense situation there is. And I grew. I continued to get better as a coach. I loved my time. I had a great experience there and really looking forward now to taking what I learned from there moving into here at Georgia Tech."