He's not likely to get a big time job, but there are probably lots of ACC teams or Big 12 teams that would like to have him where it'd be easier for him to win 8-9 games a year, which probably would put those big time jobs within reach.
I would agree though that unless his agent has info on another job, or unless he sees several potential openings coming up that he would prefer more, seems likely he would take the UM job if offered. Especially since he was even willing to entertain the Vandy job (although he may have just been worried that his stock was going to drop because of the NCAA investigation).