I see it as a no-win for UT in the very near term, simply because there are three tiers of coaching in WCBB. Tier 1 contains Pat and Geno. Tier 2 contains a small number of successful big name coaches like Muffett, Kim M, Tara and a few others. Tier 3 contains the up-and-comers like Walsh.
UT's problem is that it's very unlikely any Tier 2 coaches will want to leave their gig and be the first "post Pat" coach in Knoxville. Barring that, they are left with Tier 3 coaches who have no rings and are not yet proven over the long term. One of these could very well bring the lustre back, but it will take some time. (More likely IMO is that the first post-Pat coach will also struggle, and UT will then bring in the coach who will be there in the longer term.)
All of this means that 2013 recruiting is not going to get any shot-in-the-arm. As you said, no elite recruit is going to commit with all this uncertainty. But if the next head coach is indeed a Tier 3 coach (most likely), this is already a huge step down for UT and is being baked into recruits' expectations. Naming one of the current assistants won't help.
Bottom line: With all of the past year's developments, UT recruiting will--for the next 2 years at a minimum--be down somewhat from what they are used to, which is competing for the very best recruits (top 5) who are not already committed. The only way to forestall this would be to somehow land a big coach from the second tier like Tara or Muffett, and I really don't see that happening.