Not that I'm remotely close to "The Loop" (I'm not), but there's not a lot of news leaking right now.
McMahon was discussed by a couple of guys on a radio show, but I haven't heard of any direct interest. From what I understand, he's an outstanding individual, and he did some great things at Florida.
My guess is that UT will be looking for someone a bit younger. I just read on the main discussion board that Clemson's O'Sullivan is taking the Florida job. He was listed as a name on some lists (just from other internet posters).
I don't know whether it will go anywhere or not, but I'd be willing to bet that there's at least some discussion with UC-Irvine's Dave Serrano. There have apparently been some rumors. It was mentioned, in passing, during the broadcast of UCI's Sunday game against Wichita St.
The only media-reported contacts so far are that Tennessee had asked for permission to speak with Austin-Peay's McClure and College of Charleston's Powalski (sp?).