The reason Cunningham withdrew his name is that he was not the one chosen. Whenever someone is up for a job & is not the pick, they are given the opportunity to "withdraw their name" with the proverbial, "I am happy where I am..." Take a look at the words from Brent's article...
"On Friday, North Carolina Athletics Director Bubba Cunningham emerged as the hot name in the search. Sunday evening, Cunningham pulled his name out of contention.
...
However, in a surprise move Monday, talks heated up with Currie about a deal and that is the direction Tennessee has went."
I think all of this was going on behind the scenes. Sure it was a surprise to others, but this is often how it happens. The talk on Monday was putting the bow on the contract offer.
"On Friday, North Carolina Athletics Director Bubba Cunningham emerged as the hot name in the search. Sunday evening, Cunningham pulled his name out of contention.
...
However, in a surprise move Monday, talks heated up with Currie about a deal and that is the direction Tennessee has went."
I think all of this was going on behind the scenes. Sure it was a surprise to others, but this is often how it happens. The talk on Monday was putting the bow on the contract offer.