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According to XConnect:

Izzo Stays in Michigan
After almost two weeks of deliberating, Tom Izzo has turned down an opportunity to coach the Cleveland Cavaliers and will stay with Michigan State. “Instead of coaching them in the NBA, I’m going to coach them in the NCAA,” he said at a news conference last night. Izzo was reportedly offered $6 million-a-year to coach the Cavs, which would have doubled his salary, but he said he turned down the job mainly because he wasn’t able to speak with LeBron James. “That was one of the key factors, 100 percent true,” Izzo said. “That was not the only factor. Was it a big factor? Sure.” He’ll remain in Michigan, where he’s been since 1983.