First off, I'd like to thank Larry Coker for his time at Miami. I agree with Mandel that Larry was one of the classiest and nicest college coaches out there. Unfortunately, it just hasn't worked out the past couple seasons and as much as I hate to see him go, it was time for a change.
Regarding the potential replacements, as a life long Miami fan, and Rutgers alum I am torn with Schiano leaving Rutgers for Miami. I love the idea of him coming to Miami, back to where he started his coaching foothold and resurrecting the program as Butch Davis once did. But I just love what he's done at Rutgers so much. I've never cared about nor enjoyed Rutgers football as I did this past year. I wear my Rutgers sweatshirt now with pride (but still have my Miami t-shirt underneath.) Schiano has made me into not only a Rutgers supporter, but he's made me into a fan. That being said, he is revered at Rutgers right now for what he's done. He'd be crazy to leave RU right now. The closest comparison I can think of would be when Butch Davis was loved at UM and left to go to the NFL (I found it funny how everyone wanted Davis to come back and how easily everyone forgot how pissed they were after he bailed on UM.) As good of a choice Schiano would be at UM, I think he belongs at Rutgers for the time being. I feel that he's enjoying himself too much there to want to walk into a high-pressure situation at UM.
Norm Chow would be a very attractive prospect as well, but as someone pointed out, being a devout Mormon would be a major problem coaching in Miami.
I love the idea of Randy Shannon being promoted, but unfortunately, that's how Coker came to power and right now UM's administration has too much of a bad taste in their mouth to promoting within again.
The four prior coaches at UM (Schnellenberger through Davis) all were unknowns, and as long as the administration follows the same recruiting philosophy they employed hiring those coaches, UM will rise from the ashes once again.
In closing, UM needs to go with an unknown with potential as they have successfully done before.