So reported from the Bohls of the AAS.
University president Bill Powers and an eight-member advisory committee that includes two current members of the Board of Regents picked Patterson over West Virginia athletic director Oliver Luck, who was widely considered the frontrunner for the last month. Patterson was selected over Luck, the source said, because he had more "business experience, more coaching hires and is a master in marketing."
Some rumors on the internet imply this means Mack Brown is around for another year. Make of that what you will.