The fact Illinois couldn't get him speaks leaps and bounds with the money they offered, but let's keep in mind that Illinois is a 'pretty good' basketball school, by no means elite. They have some facility issues and their tradition isn't as great as many seem to currently believe. Shaka is a Wisconsin native (Milwaukee area) who also has strong ties to Ohio. Bo Ryan may not be at Wisconsin much longer, but the safe bet on the Badgers' first choice for Ryan's replacement will be Tony Bennett of Virginia. Baring something drastically changing at a place like Indiana, Ohio State or Michigan State over the next few years, I highly doubt Smart will leave. Smart clearly loves VCU - and he's undeniably building something extremely special there. Remember, VCU has no football team. VCU basketball is THE athletic event on campus.
As I mentioned, the facilities at VCU are decent as well (Siegel Center is solid. Seats over 7k, relatively new, - awesome atmosphere in there, especially these days). VCU is also in a fantastic recruiting location. He's right in/near the hotbed of the best Virginia athletes (and VA athletes are often very elite) while also being within easy proximity of grabbing talent right up and down I-95 (NYC, Philly, Baltimore, North Carolina, Florida). He also has the fortune of playing his conference tournament a couple blocks from campus at the Richmond Coliseum. That never hurts your chances when you basically have a home crowd to push you on to conference championships and at-large bids.
It's refreshing to see a coach do this and playing his cards right. He's making $1.2 million right now. He's happy. Some schools might double that up, but Smart is also wise enough to know that 80% of the time they end up like recently fired South Carolina coach Darrin Horn. It would have to be the perfect fit, and he may already be at that perfect fit. It's one accomplishment to arrive at a powerhouse and continue the dominance. It's another far greater accomplishment to arrive at a Colonial Athletic Association school and turn them into a perennial Final Four contender.