Texas Tech's press release stated:
The four recommended candidates will be interviewed by Hance and members of the Texas Tech University System Board of Regents later this month (September). The final selection will be made by the chancellor, who will make the appointment with the prior approval of the Board of Regents.
The Board of Regents won't consider officially naming ASU's new President until satisfying Texas law's 21 day notice requirement. That means Tech's Board of Regents can't hire anyone at their October 12th meeting. They could name one finalist, the one chosen by Chancellor Hance, and make them official in their December meeting. A name (or names) could come at any time. That's been Texas Tech's prerogative from the start.
Update 10-11-12: ASU's President will be named tomorrow. The latest rumors have someone from Texas Tech coming to clean house. Which rumor will be on target?