There's no doubt that the last two coaching hires were entirely bungled. This one is being handled differently and using the full resources at Michigan's disposal. My understanding is that this has been handled through the back channels going back weeks or even a few months once it became apparent that Hoke was going to be let go.
Also, Les Miles was never offered, contrary to the media taking what they thought was a logical move and putting it together and reporting it. He's been considered a fallback plan (and the thought is still that if Michigan came calling he'd run there), but his past and some particular actions in Ann Arbor have been a hinderance. In this case, Michigan is desperate to get back to being Michigan so that fence wouldn't be a hurdle, however, I hear that Harbaugh is plans A, B, C, and D.
I'm hearing, and I would agree, that this is close to a done deal and there's a game of politics that has to be played which is why there are strategic leaks such as the offer.
And believe it or not, Stephen Ross cares more about the University of Michigan than the Dolphins. His checkbook is reflective of that.