If it were any other coach and if the rumors were actually coming from ASU and not some radio and TV personalities, I would be worried.
CPR is trying to build something here, and if he succeeds he will get bigger offers than ASU. That's when we will have to worry.
ASU is a good school and it is a step up from ISU, but not enough for CPR to cash in all of his chips. ASU has a pretty good program, good talent, good recruiting base, and an athletic department that really wants to support the football program. They just need the right coach to do it. I can see a guy like Sumlin having huge success at ASU (Rhoads would too). ASU could easily have won their divison of the Pac12 this year with the talent they have, if they had a better coach. They were in the drivers seat and went in the tank.
With all of the teams that are down right now in the Pac12 (Colorado, UCLA, Arizona, WAZU, Washington, Oregon State, Cal), I could see ASU winning the conference in a few years with better coaching as well. Heck, even Stanford will take a big step back next year when Luck is gone. I can see ASU being up there with Oregon and USC in a year or two.