Urban Meyer left coaching for health related issues and to spend more time with his family. He has a relatively safe, secure job right now working for ESPN. In comparison to being a head coach, the time commitments are two vastly different things.
On the flip side, there have been reports that he talked to Arizona's AD before reportedly breaking off discussions, but other than that hasn't expressed interest in other jobs. He said he isn't interested in coaching in 2012 at this time, which means he could change his mind.
Now, jobs at tOSU and PSU are pretty damn good jobs, regardless of extenuating factors. Now that the NCAA is doing an investigation into PSU, who knows whats going to happen there. tOSU might end up being in a better position, but we still don't know for certain. If Nebraska had a coaching vacancy, they'd have a pretty good chance of snagging Meyer I would think, although I believe a job like tOSU is still better than a job at Nebraska.
This, of course, is all hindered by the fact that Nebraska does not have a coaching vacancy. And if Meyer is going to return to coaching, it will probably be long before Nebraska has a spot available, because I don't see Bo going anywhere the next couple of years.
If all that were to hold true, what are your other options? There's no guarantee that a coach at a smaller school can do well at a bigger school (Hawkins going from Boise State to Colorado), and there aren't many coaches out there I can say make me feel more comfortable than Pelini.