I don't think Chip Long had buyout money. They just decided not to retain him after his three year contract ran out. Although, maybe it wasn't enough time to pursue other options. That doesn't really explain why the best he could do after that was OC at Tulane. There were plenty of other jobs open. Im not really trying to bag on Coach Long, but he wasn't a highly coveted OC and isn't coveted at all as a HC, so I just don't know how he managed to instantly climb the list for many here for potential head coach replacements. Hopefully he does something this year to warrant that kind of discussion.
Long left ND because he and HC Brian Kelly had philosophical differences and that's that. He joined Tennessee as an analyst which is not uncommon. Usually, and what no one talks about, is the agent (probably Jimmy Sexton) places a coach in an available program until he can re-sign at a higher rate later. Had Pruitt stayed at UT and Long been hired elsewhere at a better position/salary, Pruitt would have gotten a cut of that. So it's not an unusual practice to park someone and try to get their value up. As to Tulane, his best friend and college roommate was the OC at Tulane and spoke daily with him about Tulane, the players, the schemes and when he left Tulane to be HC at Southern Miss, Long was probably the person most familiar with the team and a good fit. And since UT was crashing and burning under Pruitt, it was probably a safe place to land before getting canned.
As to Tech, why leave Tulane and go to Tech unless there is a roadmap to a better position? Tech is no longer a coveted job and we can't afford someone with a real track record as a HC. We can afford either a) a young, unproven HC; b) an older coach whose best days are behind him (e.g., a Les Miles situation), or c) a coordinator looking to break into a HC role.
I personally think Long was hired for two reasons. First, he describes his offense himself as a "fast, NFL offense" with a 55/45 split on passing/running. So it fits the basic pitch Collins/TStan have made about how to prepare players for the NFL if that's what they want. (That's one reason Malzahn was fired at Auburn. He didn't. And it hurt recruiting.) Second, he has P5 experience and a decent coaching tree ... mores than Collins. That's why I think he's going to be OC and we will see if Geoff can win 6 this year (I don't think he can, but that's another story) and if he does, fine. If he doesn't, I think TStan will dump Collins and move Long into the role. He can't afford another disaster of a coaching search and he will want to make any transition as smooth as possible and maintain continuity. He has no more equity to spend given all the turmoil in college sports right now. Stability is essential.