Exactly. Every day that Thibs is still the coach of the Bulls is great news for ISU as the Bulls aren't going to fire him without having their first or second choice of new coach already lined up.
It's not that clear cut.
For the Bulls, I think the order is:
1) Identify their coaching targets - Done (Just Fred)
2) Get a commitment from their target
3) Trade Thibs
4) Announce new coach.
It's been stated on here (I don't know the accuracy), that a trade of Thibs can't be announced until the playoffs are over. If that's the case, then 1-3 could be done and we are just waiting several weeks for #4.