A truly big factor being left out is his wife, though that's part of the health deal... Mama Cutcliffe has had a huge say- more or less veto power- over what jobs he can take ever since his health crisis.
Unless Cut pulls off some major attitude & lifestyle adjustments ala Mike Ditka after he almost checked out, and has an even larger health turnaround, I'm not sure he'll ever take a head-coaching job again at a major level- she won't allow him, and he's even more fond of her than football.
Considering how much they like East TN, and how much support they've got in the area, and unless he makes those turnarounds, I'd expect him to semi-retire- stay on as a UT consultant, and maybe lobby for something like the HC job at Maryville, or UT Chattanooga