I don't know who's on the "short list", and I don't have a cousin who went to school with Mike Hamilton's next-door neighbor, but.....
It's safe to assume that UT had a "list", and that the head-hunter they hired will test the waters with them, and probably a few more. After he's talked to all of them (and that's probably done), there will be a face-to-face with Hamilton, and they'll narrow it down to probably 5 or so serious candidates. Then a second round of calls to those candidiates to talk about "timing" and "money". After that, face-to-face meetings with the candidate and their agent. Those meetings probably won't take place in Knoxville. And finally, a press conference. When you hear "press conference", we have a new coach.
No doubt Hamilton wants to announce as soon as possible, mainly to help recruiting. The key problem being that if the new HC is a current college or NFL coach, you have to consider how the announcement affects that team, and their season. The new HC will have a say in that as well.
The longer it goes, the worse for UT. Personally, I think we're going to end up with (in no particular order) Kiffin, Leach, or Peterson.
EDIT: or Kelly.
Go Vols.