This is a very good, and rarely asked question. Jeff Capel really was the guy to come in and get VCU rolling, and then another hot coaching prospect, Anthony Grant continued the school on their upward trend. Now, Smart has certainly had the most success but I think a lot of the players were from the old regime, at least last year. I believe he had 1 returning starter (Burgess). Skeen, Rodgriguez, etc. were Grant guys.
All this said, he has landed a couple of high profile mid major recruits (for mid major level) like Juvonte Reddic.
To add on:
VCU has won 24+ games every year for the past 7 years.
Shaka Smart has been there for the past 3 years which include a CBI championship, a final four and this year's second round NCAAT.
Last year's team was very senior dominant with 4 of the 5 leading scorers being seniors in: Skeen/Rozzell/Rodriguez/Nixon, Burgess was a Junior. Basically none of those players were Smart's recruits.
This year's team was mostly recruited by Smart (aside from leading scorer Burgess). They played 8 players over 10 minutes a game on average. No one outside these 8 averaged over a point a game.
Burgess was a senior
Daniels, Theus were juniors
Brandenberg, Reddic, Haley were sophomores
Graham, Weber were freshmen
So last year's final four run was based off of recruits Smart inherited, but he did coach them for 2 years. This year's NCAA appearance was based almost entirely on Smart's recruits.
Anthony Grant really set up Shaka well. He went 28-7, 24-8 and 24-10 at VCU, made the NCAAT twice and the NIT once. Grant is (obviously) now at Alabama and they have gone from 17-15 to 25-12 to 21-12. No postseason to NIT to NCAAT. They had previously made the NCAAT in 2006. The three years prior to Grant, Alabama was 20-12, 17-16, 18-14.
Before Grant, Jeff Capel was at VCU and led them to 18-10, 23-8, 19-13, 19-10 records and only one NCAAT. He didn't really succeed there but his recruits set up Grant.
If Smart stays at VCU, next year will be very telling as those will be 100% his guys. According to ESPN they have 1 top 100 guy committed for next year and two, 2 star guys. They also have one 3 star guy for 2013.
Interesting that VCU has made the tournament 4 times since 2006-2007, the same number as UConn.