John Thompson, Georgetown University's basketball coach, turned down a job at the University of Cincinnati earlier this month that sources say would have been worth about $200,000 annually.

Lou Campanelli, coach at James Madison, is now one of the finalists for the job. Campanelli, here for the annual convention of the National Association of Basketball Coaches, said today that he expects "something to come to a head in the next couple of days."

Thompson said that three members of Cincinnati's selection committee came to see him while Georgetown was playing in the NCAA tournament at Louisville two weeks ago. "They offered me the job, and it was a very generous offer, and I immediately told them, 'No,' " Thompson said.

In reply to a question, Thompson said Cincinnati's offer was better than Oklahoma's in 1980. At that time, Thompson said that Oklahoma's offer would have doubled his salary at Georgetown.

Thompson acknowledged that he had turned down other offers by telephone this season, but declined to be specific.

Thompson's East team in the annual East-West game here Sunday will include Michael Britt of the University of the District of Columbia. Dean Smith will coach the West in a rematch between the coaches of last year's NCAA final.

Calling officiating "one of the real problem areas that we have," Tex Winter, outgoing NABC president, said that the NABC board of directors is taking it upon itself to recruit, train and develop new officials.