Schiano would be a good hire for Pitt. He has to be hungry for success after the way things went down in Tampa. Rutgers was a laughing stock before he turned things around there.
Agree with the other posters that it's pretty unlikely that Schiano would ever go back to the NFL. He's at the top of the "DO NOT HIRE!" list for virtually every NFL team (right up there with Bobby Petrino).
Frankly, I don't understand why Tampa hired him to begin with. He's a good coach, but nothing about him screamed out "NFL Success!" When you think about successful college-to-NFL coaching stories, it's normally either someone who excels at:
(1) X's and O's,
(2) Managing huge egos, and / or
(3) Innovation in offensive or defensive schemes
Schiano doesn't really fit into any of those categories. He's a good recruiter, program builder, and hard-nosed discipline type of guy. He's exactly the type of person who can excel at the college game, but who seems extremely ill-suited for the NFL.
Smart move by Pitt to grab him. If his experience at Rutgers says anything, it's that he was never a "stepping stone" type of guy. He rejected numerous "better jobs" while at Rutgers and only left when the NFL came calling.