I may be wrong about this, but I think Leach is holding out for one of the major BCS programs. He's already at a mid to lower level BCS program, and I don't think he'd leave for another. He definitely wants out of Lubbock, but he wants to get a major program coaching position.
That said, if you guys could land him, he'd be a great hire. He's the type of coach that would always have you competitive and winning. I wouldn't count on him for national titles, but he'd give you the shot on occasion to compete for the conference title, which is all you can ask.