We have GOT to get things rolling "backchannel" immediately--I figure Foley's on it, BEEN on it from the moment he knew. Even if it isn't officially announced 'til later (say, right around New Year's?), they should have someone ready to go as soon as they want or need. They'll pretty well have their pick, so after settling on and coming to terms with their choice, the main concern will be with timing, particularly how it relates to and affects recruiting.
As far as THAT is concerned, yeah, the other schools are drooling over this but, depending on who it is and how the whole transition is handled, may not be as bad as it might appear now. For all Meyer's determined words about getting out on the recruiting trail "immediately...tomorrow". and "getting this thing fixed", it is now clear that, much like his changed demeanor on the sidelines this past season, his heart just wasn't going to be in it when it came to pounding it out on the recruiting grind.