Former Weber State, current Arkansas coach John L. Smith facing bankruptcy

Smith said the primary reason he's talking now is so his personal financial problems don't become a distraction during the season. The Razorbacks are expected to begin the season ranked in the top 10, with Heisman Trophy candidates at quarterback (Tyler Wilson) and running back (Knile Davis).

"From a personal standpoint, I don't want the university being embarrassed, but I'm not embarrassed," Smith said. "It's something that's happened. I made some mistakes, and to be honest with you, I'm a football coach, not a businessman."

Long, who is continuing to research potential candidates for a long-term solution as head coach — including Smith — said he doesn't believe Smith's personal financial problems will influence his ability to coach.

"I think the people that want to make more out of it than there is here will do that, regardless," Long said. "But I think those will be the minority. This is clearly to me a man who has made a poor financial choice, and I think if we look across our society today, especially in these times, we will see many very good people leading their organizations who have made some poor financial decisions. That's the way I see it."