He has not been hired yet, but at this point it's certainly a possibility, a very high possibility even. I admit, I wasn't thrilled about the prospect at first, but the more I read up on him, the more excited I get at the prospect of him becoming the next head coach here.
First, let's look at what UF needs. These are what, in my opinion (along with what Foley mentioned was in his own criteria), the new head coach should be and/or be capable of being.
1) Offensive mind
2) SEC experience
3) Head coaching experience--and success as the head man
4) A player's coach--Someone the player's can trust and relate to, but who will also lay down the law (Muschamp, at the very least and at his ver best did this, and we need to keep that integrity in my opinion.
5) Someone who's hungry and eager to place his name in the ranks of the coaching elites.
In my opinion, McElwain fits all the criteria. He has done wonderful things on the offensive AND defensive side of the ball and drastically improved the wins and loses since taking the reins at CSU. The offense is especially improved being ranked in the top 8 nationally in passing, and top-10 overall. It would be nice if he had more wins against marquee opponents under his belt, sure, but he really hasn't had the opportunity.
However, in acknowledging that point, it's also important to acknowledge that Urban Meyer didn't have any "big game" wins against any "big name" programs during his time at Bowling Green, and only wins against a mediocre Oregon team and his Fiesta Bowl win against Pitt could be considered "Big wins" while at Utah. He too, didn't have the opportunity to play any of the big boys.
During his time at Alabama, the McElwain run offense was tabbed as "boring". While that might be the case, it was incredibly successful, productive, and it got wins. With Trent Richardson and Ingram, a ridiculous o-line, and two QB's that have no NFL ability whatsoever, he played to the teams strength. And it ended up producing the Nation's number one rushing offense and number two overall offense in his final season. You really think Saban wanted to see him go?! Did I mention that Greg "average Joe" McElroy set single season records in completion percentage, TD's, and yards under McElwain.
And his players, at least by this account, seem to really think highly of him. They love the guy really. So read some of these previously published articles about his exit at Bama, and consider the facts before acting like we might not be getting the guy we really want.