This type of contract setup will indeed only attract small time college coaches who will indeed salivate at trying to make it big time on the back of UT's program and name. Is that really what you want? For UT's football program to become the nursery for the up and coming, hot, sexy, young football dudes to test out their coaching and program management skills? So UT football becomes a proving ground for football corches? Right now, at least going by all the rhetoric on the football boards, UT fancies itself a blue chip program that only looks at "proven" coaches and guys like Jamey Chadwell are beneath you.
On paper, your setup sounds good. But the type of "proven" coaches UT (and, tbh, A&M's) fan base wants will not return your AD's phone calls, forget about Korn/Ferry International or some other executive search firm. Tack on all the program management requirement aside from being a gameday X's and O's master... glad-handing BMDs, keeping media circus happy including by spending time on LHN, etc etc. Which "sitting" (to smirkingly channel one of the Aggie board writers) or "standing" championship corch is going to drop their program or golf-retirement life and come take the helm at UT for that sort of structured contract that puts on the onus on the corch and his team to prove themselves once again?
UT's program sure seems to have come at a fork in the road; it'll be interesting which way the program turns. Or, channeling Yogi Berra-- let's see if UT takes the fork now that it has come upon it.