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because two other potential GMs turned down the job which makes me think it wasn't the most desireable job
I think this is probably the biggest issue. Penn's agent can talk about Penn having a home in Portland, being friends with people in the Blazers organization, etc, but my guess is that ultimately Penn decided the Minnesota position wasn't the best opportunity for him to succeed.
I've read a couple of sought-after executives, in the past, talking about how people think that you should jump when offered a GM opportunity because there are so few of those jobs in existence. But, in fact, taking the first opportunity is a very bad idea if it's a bad situation because if you accept it and fail (and a bad situation makes that much more likely) you may never get another chance. As long as you don't accept that first GM position, you remain a "hot prospect" and will get more opportunities. You want to absolutely maximize your chances of success in your first GM position, because failure can mean it's also your last. Success gives you a chance to establish yourself.

^^