Kevin, tried with 1 single monitor on HDMI and then one single monitor on DVI.
Yields the same non sleep results. Monitors go black but never go into deep sleep or shut off.
I'm also going to review the settings in BIOS to make sure its sleep mode friendly. I think I posted my stats earlier but I have a 4770k on an Asus Z89 Pro motherboard: Z87-PRO - Motherboards - ASUS
Thanks and let me know if anything else I can try.