Key never had the job to "lose". He did have 8 games to try and earn the job...and I think after 4 games, he's climbing a mountain to get back in the conversation. If Key would have went 6-2 or better (which would have meant a ACCCG appearance and a bowl game), Key may have very well been one of the favorites (depending on the other candidates), but I think we can say that Key's chances are very slim at this point.
I think Cabrera is sincere in wanting GT sports to match GT's academics. That means he's empowering Batt to do what he needs to get the best available coach possible. If anything, GT fans may thinking too low in terms of the quality of the candidates. If the search for Batt is any indication, it's likely we won't hear about our new HFC until it nears the final stages. My gut tells me GT fans will be pleasantly surprised by who we find at the end of the tunnel.