"Ty is a driven individual and tireless worker who possesses all of the qualities we are looking for in a head coach. He has been widely recognized as one of the brightest young coaches around the league and we are thrilled to have him as head coach of the Jazz."
Corbin has been close to landing a number of head coaching jobs around the the league. So while the Jazz didn't want Sloan to retire, they have to be happy that they were able to keep Corbin with the team. This isn't the way Corbin wanted to get the position either I'm sure. He wasn't going to turn it down though.
He hasn't gotten off to the start he would like, going just 1-6 to start his career. Considering the way the team was playing before, the resignation of Sloan, and the trading of Deron Williams, Corbin has had to deal with a lot. He seems to be on the verge of turning things around.
Update: Woj says it's a guaranteed two-year deal with a team option for 2014.