On a more positive slant, it puts 2 (3 with S. Florida?) in transition, and may make stealing some recruits there for a couple of years easier. Could really makes some inroads there while the programs aren't at the top of their game, like we have elsewhere. There will be some pretty darn good assistants possibly looking for a job. And we need at least one. And Notre Dame hired a coach, so suddenly Kelly to South Bend doesn't look like the worst case scenario. Also, who knows what the fallout from the coaching switches might be.
On a more negative slant, if the problems he's having aren't THAT serious, or recoverable (and just for humanity's sake one would hope that is the case), if he even HINTS he might want to come back to coaching, the pressure on Rich gets doubled. Every media source would project Michigan as a possible destination if Michigan struggles, compounding scrutiny. (Even if it's NOT at all likely, the talking heads will throw it out there). And with his favored programs being OSU (going nowhere), ND (just hired coach) and Michigan, along with the fact that no other major job coaches are on the hot seat (Bama, USC, Nebraska, Texas has a few more years, PSU doesn't seem likely)...well, people will connect the dots even if the lines aren't straight. And the last thing this program needs is more doubts. But suddenly we've gone from "other than Kelly, who else is out there to get?" to the best coach in the game being unemployed. Heck, not just Rich Rod but every coach without a ring who wasn't just hired is feeling more pressure. (God forbid there's some rival for him to take over).
How else does it influence Michigan, the school we care about?