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Slight disagreement, you are likely talking about a signed term sheet not a full contract. The final contract would take a minimum of 1-2 business days and more likely it takes a full week+.I'd imagine he's waiting to make an announcement until a contract is signed and he plans on telling his players first. I don't think that's crazy either way
So first there is a handshake deal on years, $ inclusive of a few other key items, then a term sheet with all the major points that'll go into contract - I do think you are right and that term sheet would be signed/agreed before telling anyone.
Right now they are likely comparing the UConn term sheet vs Laker term sheet and evaluating each situation. I keep coming back to from a basketball perspective I'd rather coach the UConn players next season; the UConn odds of championship contention are better and the pure basketball situation + player development opportunities for the coach is appreciably better at the University of Connecticut. That's why the Lakers has to be much more $, it is harder and worse (less control, more limitations). If Hurley picks the Lakers and then the Lakers pick Bronny Jr, Hurley intentionally descends into the meddling parent hell that he espouses against.