Mark Richt said at his farewell presser at Georgia that he would listen to any offer to coach again next year, and one came from his alma mater. The former Bulldogs head coach is the new Miami (FL) head coach, per many media reports (first by Peter Ariz). A source of Bruce Feldman's said that the school could pay up to $4 million to its head coach, but how much it'll pay Richt isn't yet known. It'll need some money to pay assistants too, of course.
Richt is a Miami alum, having played quarterback there in the early '80s. He also spent 11 years coaching at Florida State prior to taking the UGA job, so being south of the Georgia border is nothing new to him.
The program he takes over has been in a rut since its back-to-back national championship game appearances in 2001-02. The Nevin Shapiro scandal didn't help, and the final year of scholarship reductions from it is next year, 2016. Richt is the first power conference head coach the school has hired since pulling Dennis Erickson away from Washington State to replace Jimmy Johnson for the 1989 season.
Richt said he plans to do more hands-on quarterback and offensive coaching than he did late in his time at Georgia, and he has a good one to work with in Brad Kaaya. The Hurricanes are in what is presently the ACC's weaker division, the Coastal, which also has Duke, North Carolina, Virginia, Virginia Tech, Pitt, and Richt's familiar foe Georgia Tech. Miami has yet to win a division title since joining the expanded ACC over a decade ago.
Miami doesn't currently have any SEC schools lined up, but the ACC has a similar scheduling provision to the SEC's going into effect soon that requires at least one Power 5 non-conference opponent per year. The SEC also has anywhere from two to four bowl tie-ins with the ACC—Independence and Belk, plus one of the Music City and TaxSlayer take an ACC team, and the non-semifinal Orange takes ACC vs. the top ranked of the SEC, Big Ten, and Notre Dame—so Richt may play his old conference mates again sooner or later.
Update, Friday morning: Miami has officially announced the hire.