NEW YORK --The good news? The Memphis Tigers are NIT champions. Their future should be bright.

The bad news? Their future may have just passed them by.

Nevertheless, there's reason to celebrate in Memphis. The Tigers are young and talented, and equipped with some quality postseason experience after their five-game run through this tournament.

Coach John Calipari and Co. knew from Day One that Dajuan Wagner would fast-forward through his college career. Anything more than one year would be considered slow motion by most.

But there's nothing slow about the freshman Dajuan Wagner, or his game. His future is the NBA. The question is, has his future arrived?

After his play at Madison Square Garden this week, it probably has. New York City was abuzz about him all week, and he didn't disappoint. Wagner torched Temple for 32 points in the semifinals on Tuesday, then led the Tigers to the title over South Carolina (72-62) on Thursday night.

But things didn't come quite as easy in the championship game.

With all eyes on him, Wagner didn't shoot for almost four minutes -- and it took him over seven minutes to score his first basket. Then he picked up his second foul with 9:31 to go in the first half, and sat for seven minutes more.

But he wasn't through for the half. He returned in time to sink a 3-point dagger that staggered the Gamecocks heading into intermission. And in the second stanza, Wagner came out hot and put the Tigers firmly in front to stay.

As the crowd began to leave early (a familiar theme), the chant of the Memphis fans in attendance -- "One More Year!" -- reminded everyone that they might have been witnessing Dajuan Wagner's last collegiate game. If so, it was indeed a celebration, complete with an MVP trophy and a net-cutting ceremony. But what lies ahead is what everyone wants to know.

What will Wagner decide to do? The consensus is that he would be a lottery pick in this year's draft, but another year at Memphis could allow his game to mature and vault him to the very top of the draft pool. Others think he's already reached the top.

"If he decides to go ... I'm fine with that," Calipari says. "And if he decides to stay, I'll be so happy. Then we're going to go and try to win that other championship. But if he decides it's best for he and his family [to leave], all he's done is help me build this program."

Which begs the question: Where does this Memphis program stand?

In his second year, Calipari has taken a team that had a losing record for two years before he arrived, and that hasn't been to the Big Dance since 1996, and led them to New York for the NIT Final Four two years in a row. Last season they lost in the semis to eventual champion Tulsa. This year they won 27 games, and the title in the Big Apple.

Calipari is very delighted with this success, although he is still smarting from being passed over on Selection Sunday.

"We've won a lot of basketball games this year," he says. "I'm not happy at all that we were snubbed. I think it's a disservice to what we've been building here." Nevertheless, the Tigers are indeed building. Memphis started two sophomore guards alongside their freshman sensation, and a junior JUCO transfer in his first year with the team. Home attendance at The Pyramid is among the best in the nation.

They've also got some unsung talent on their bench, as demonstrated by Earl Barron in Thursday's championship game. The 7-foot junior center, who went scoreless in eight minutes against Temple on Tuesday, exploded in the first half against the Gamecocks when Wagner and fellow starter Chris Massie both went down with two fouls. Barron, featuring an array of post moves, shot an incredible 9-for-9 in the first half, and finished with a game-high 25 points.

Calipari summed it up best: "Earl Barron went crazy. Absolutely crazy."

The returning players from this year's squad -- and the Tigers are only losing one senior, forward Kelly Wise -- will undoubtedly learn a lot from the experience they had in this tournament.

"They all had a will to win," Calipari said of his players. "And that's what we learned here this week. And that's what you want to have in your program going into next year."

"This is real special," Wagner added. "This is a national championship."

With Calipari, Memphis also now has a big-name coach who can win the recruiting wars (he got Wagner, didn't he?). Memphis signed three well-regarded players this past fall, including JUCO standout Qyntel Woods. But Woods has gone one step further than Wagner, announcing last week his intention to enter this year's draft.

In the past few years, success in the NIT has boded well for teams the next season. Last year's finalists, Tulsa and Alabama, both went on to win first-round games in this year's NCAA Tournament (Alabama as a No. 2 seed, Tulsa as a No. 12). And Calipari has boldly declared that his team would feature the best backcourt in the country next year if Wagner stays.

But if Wagner joins Woods in this year's draft, Memphis will lose what truly makes this team special. Without him, they won't contend for "that other championship." The tattoo on Wagner's left shoulder reads "One More Risk To Take." And Wagner knows it's not much of a risk. It's more like a sure-fire reward.

"It's been a ball," Calipari says. "A heckuva ride."

But this ride may be over. So where does Memphis go from here?

Back to the future. Or the drawing board.

Kieran Darcy writes for ESPNMAG.com.