In case you hadn't heard, Jim Tressel resigned yesterday. They've promoted Luke Fickell to interim head-coach (he was already slated to coach the 5 games for which Tressel was suspended). But I don't think anyone expects Fickell to be the long term coach.
Yahoo Sports, among others, looked at the potential replacements for Tressel. After watching the pains Michigan has gone through TWICE in the past 4 years looking for a head coach, I think OSU landing Urban Meyer would be a huge blow to Michigan's esteem.
In 2007, Michigan was turned down by Greg Schiano and depending on who you believe Les Miles. They "settled" for their third(?) choice - Rich Rodriguez. For numerous reasons (see mgoblog circa 2008-2011) this did not work. The next search appeared to have Jim Harbaugh as the primary target. I'm not convinced that David Brandon ever even talked to him or Les Miles and we ended up with Brady Hoke as the head coach. Prior to the debacle in Jacksonville against Mississippi State, I said I would prefer keeping RR to hiring Brady Hoke. Afterwards, I agreed with jiMpossible, that RR had to go.
For Michigan with no sanctions hanging over them to end up with a coach with a 47-50 record at schools like Ball State and San Diego State and OSU to end up with Urban Meyer (104-23) at Bowling Green, Utah and Florida (+ 2 MNCs) while their coaching search goes on during what we can only assume will be MAJOR sanctions, would be ridiculous.
I hope Brady Hoke is the most successful coach in Michigan football history, but his getting the HC job with Meyer in Columbus, really shows how much the Michigan name has lost luster in the past 10 years...