Have we not learned our lesson about rumors? If all the rumors were true, then Major Applewhite would be our offensive coordinator, Kirby Smart would be our defensive coordinator, and Bob Stoops would be our head coach right now.
Urban Meyer is going to lay low for a couple years. We do know he talked to Athletic Director Jeremy Foley about his future options. Foley stated that he believes Meyer will be coaching again in 2012, and he has given Meyer a blacklist that includes Georgia. That is on the record, stated by Foley in an interview back in December. You can look for either Dooley's or Andreu's interview on that one.
As for Meyer coaching in the SEC in the future, it probably will not happen. Meyer has two homes (middle Ohio and Gainesville), and a potential dream home at Notre Dame. He made a commitment to his wife and kids to slow down for a couple years. The family has moved to a new home every 2-5 years for 23 years now until they truly found a home in Gainesville. I can relate to that. He agreed with his wife to stay in Gainesville at the very least until 2012, when his son will transition to high school and big boy baseball, and his younger daughter will be well established in college. His older daughter will likely be done with college. Where does he go in 2012? Well, it all depends on how much he likes doing ESPN color commentary on Saturdays, whether a dream job at Ohio State or Notre Dame opens up in 2012, and whether he can assemble a staff in 2012. He may not do ESPN, since Foley has created a job for him at UF that probably pays a couple hundred thousand a year--plenty to get by in Alachua County, Florida.
On top of all this, we do not see any signs that Jim Tressel of OSU or Chip Kelly of Notre Dame are leaving anytime soon. Even if Tressel continues losing bowl games to SEC, he still has the best winning percentage in college football, his program is still among the most profitable, his team still beats up the rest of the Big Ten and he will keep snagging Big Ten championships every couple years.