If he doesn't get an extension and walks at the end of the contract then yes. Right now he's under contract for this NFL season. It's unlikely he goes anywhere how many players/coaches/front office guys can you say are synonymous with a teams name.
Personally, I don't see him leaving, but he does have a long standing relationship with Stan, and now there is another connection with this hiring. Just saying. He does seem to know how to build a winning team, and doesn't mess around when a change needs to be made. Again, you are right, it would be almost insane to see him leave, but I could see this leaking as a way for him to gain negotiating power with the Broncos.