Presumably, Whit would offer him basically the same package as if he was terminated, just to make it look a little more graceful.

I wonder what happened to that plan (assuming what we had heard recently was correct). If Dennis still wants to coach somewhere else, I wish him all the best but it might be a tough proposition. Maybe Dennis thought this season (the beginning and end, anyway) was worthy of an extension--because as CC/Will would say--there is no such thing as simply finishing the last year of your contract, unless you are indeed retiring.

Maybe he was advised by lawyers and/or financial advisors to not agree to any retirement buyout and instead force VT to terminate him and pay the severance.

I like the fact that Whit isn't afraid to make needed changes to address underperformance but he does it with great professionalism and class.