The are both the problem, IMO. The plan is for RC to finish out the remainder of his contract and retire. My assumption is that he will announce it sometime in the the Summer 2011. That will give them plenty of time to bring in the new person. The only issue there is that Raines will still be involved in the new hire. her contract runs out within a year of RC's IIRC. I expect that that will be the end of the line for her as well.
The worst case scenario is that Memphis continues their tradition of Athletic Department inbreeding and hires someone already associated with the program. Teh best case scenario, is that you hire a solid AD who comes in and makes his first priority to clean house with those around the program that are simply there now to collect a check and add no value to the AD.