There are days where I can be on the pulse of Carolina news, and then there are days the people who pay my salary actually want to see some results from their thirty dollar investment. So I can just farm out today's Davis hiring/nonhiring rumors to the excellent Tar Heel Fan. To make a long story short, no one knows anything more than they did yesterday, but a lot of reports have been tossed up in the meantime.
I will throw in a little commentary, and say one thing UNC fans should not be concerned with is how long a tenure a successful Davis would have in Chapel Hill. I think he could indeed leave after five years or so, although a jump to the NFL from Chapel Hill would require at least an ACC Championship and a couple of years of national prominence. But then again, so could five successful years under Paul Johnson. Or any other candidate. It's rare to find a football coach who wants a 10+ year career at the same institution, and even rare to be able to discern that type of coach during the search process. Sure, Bunting would have stayed at UNC until they wheeled him out of there in a hearse, but he was a special breed of alumni. Otherwise, it's a crapshoot. You can be an unknown podunk Florida school that takes a flyer on a West Virginia coach, and forty years later be employing the winningest coach in football. Or you could be the flagship institution of that state, hire a Heisman winning alumnus, only to lose him after 12 years to the pros.
If North Carolina loses their coach to the NFL or a more prestigious program after four or five years, well that coach raised UNC's profile in the process, and UNC can have have better pool of applicants to pick for the next hire - the university has had enough practice at it by this point. The longest a coach has ever lasted at Carolina football was 11 years, and he left for gigs at Virginia Tech and Wake. (And say what you will about Mack Brown leaving the university in a lurch, but he's in a three-way tie for second longest tenure at 10 years.) Hire the best man for the job, let him succeed, and repeat as neccessary.
(Now basketball is a different story. There is no job more desirable than Chapel Hill's, after all.)