I agree with this -- I'm not going to fault Pitino here. If someone you're that close to tells you that he graduated, then you believe him.
Albeit unlikely, there's even a chance that Masiello did something dumb like obtained enough credits, but never applied to graduate and this caught him off guard, which, of course, opens another can of worms in the realm of decision making ability. Either way, it doesn't look great for Masiello, which sucks for him. I just don't think you can fault Pitino for this one.
I read the ESPN article that says he immediately called the UK registrar's office, which makes me believe the situation is probably something like the above. But you'd have to wonder why the guy didn't think it was funny that he never actually received a diploma to hang in his office. Fishy, I like our decision even if he simply made a bone-headed assumption.
Can't we just hire him as an assistant and sign him up for summer classes? Promote him to head coach in about 5 months.