I wouldn't bet on Shaka coming to Knoxville, but it's not nearly as far-fetched as people make it out to be. UT has some of the best fan support in the nation. That's important, because it means that we can potentially pay out one of the highest salaries and have potential to be a top 10 program consistently.
It's easy to say that there are other schools with bigger reputations (Kentucky, Duke, etc), but Duke wasn't Duke before Coach K. Most of the major college bball programs have been built up by one great coach that stayed there 15+ years (Duke, Syracuse, Arizona, Florida, etc).
Shaka Smart could come to Knoxville and turn UT into a superpower. UT has the resources, the recruiting base, and everything to make it possible. It just needs the right coach.
None of this is to say that I think he's coming here, but I wouldn't dismiss it out of hand. In a sense, Shaka would be better off at UT building his own legacy, rather than going somewhere like UCLA, where he has to live up to someone else's.