UPDATE 3, 7:45 PM: The athletic department's release, with statements from Hollis, Simon, and Izzo, has been posted. Quote from President Simon:
"Tom's integral role and respect at MSU earned him the right to take the necessary time to reach his decision. Like others, I wanted the good news earlier, but the wait was worth it. Tom did what Tom does best: he devised a rigorous and thorough game plan that put him, his family, and this university in the best position to win. His decision is a winner for all of Team MSU, the state of Michigan, college basketball, and intercollegiate athletics in general."
UPDATE 2, 7:40 PM: The Detroit News has Izzo's full statement:
It's been an agonizing week as I tried to make a decision about a once-in-a-lifetime opportunity," Izzo said in a statement. "I apologize for the time the process has taken, but sometimes there are opportunities that come about that must be thoroughly examined. I'm no different than any other successful coach in that I've had multiple inquiries before, but this one was uniquely intriguing. There was a lot of information to gather and consider and some of it wasn't easily obtainable. But when making a life decision, I owed it to myself and my family to do my due diligence. From that I never wavered. And I'm pleased to say I am here for life at Michigan State.
UPDATE 1, 7:30 PM: There will be a press conference with Izzo, Mark Hollis, and Lou Anna Simon from the Smith Academic Center at 8:30 tonight, live on the Big Ten Network. No confirmation on Izzo's decision one way or another, but it's difficult to imagine that he would be announcing his departure from the campus, with the athletic director and university president by his side.
WILX in Lansing is reporting, as of 6:58 pm this evening, that Tom Izzo has turned down the Cavaliers' offer, and will remain at Michigan State. Apparently he told the players earlier this evening, and, depending on who you believe, will have a press conference to announce the news either this evening, or tomorrow morning.
Given the mostly-shambolic reporting of the past week, a healthy level of skepticism is probably warranted until we hear/read something concrete from 1) the athletic department, 2) the Cleveland Cavaliers, or 3) Tom Izzo himself. However, WILX is confident enough in their sources to not hedge at all in their headline: "BREAKING NEWS: Tom Izzo Staying at MSU." Resolution may be coming soon, and it looks like it might be highly, highly positive news for MSU fans. Stay with us for updates . . .