I was mostly joking at first, but the more I think about it, the more it makes sense on both sides. 
For Bob, he knows he’s getting fired within a couple of years, right?  Even he doesn’t have his head in the sand that much. So at 65 years old, he has a chance to go out in a few years at a program that can be perceived as a high caliber than UL (even though it isn’t). 
For Rice, they get a tenured coach with history in the state of Texas, who has credentials on paper. Plus, he graduates players 
It’s a win-win.