Several posts that inspire specific comment, but I'll go general to encompass multiple points.
1. There is no obvious "danger" of Rhoads getting snatched up (i.e., bolting) in the immediate future (which I'd define as at least 2 more seasons). So there is no immediate need to give him a hefty raise to keep him at ISU.
1. The loyalty trait is never a guarantee, but it's part of the package. Iowa State is where he wants to build his coaching career — he wants to be that guy. Any future opportunities involve the weight of that. It was the risk-reward aspect of hiring him: He might not be able to win at ISU any more than previous coaches, but if he does, there's a good chance he'll stay for the long haul.
2. Rhoads will not be in a position to pursue another job (and probably won't begin to draw serious consideration elsewhere) until/unless this building process that's gaining momentum brings ISU up to a noteworthy level. That probably involves BCS bowl appearances, 10-win seasons, challenging for the conference title — or at least sustained success at an atypical plateau for Iowa State (8-win seasons for several years) — and few "off" years (5-7 or worse). '
3. If (2) does happen, he may draw interest from 3 directions.
(a) schools with similar history in regards to football success — BCS league teams that have had sporadic, fairly unimpressive success and periods of losing. Maybe those that in shadows of other programs because of recruitment or legacies. It's the "if he can do it at Iowa State, he can do it here" attitude. Possible outlets: Minnesota, Indiana, Vanderbilt, Duke and Kansas. Other than Minnesota, I'm not sure he'd view any of those as a better situation, unless the salary was so huge that he couldn't refuse.
(b) schools with major histories that want a reliable winner, where he could elevate his potential to succeed on a grander scale. It would probably need to be a school that has won national titles in the past, but may have gotten mired in recent funk OR had a solid coach retire/get fired. Current examples: USC, Ohio State (although that's off the table w/ Urban Meyer) and Penn State.
(c) Schools where Rhoads once coached are in need of HC, like Pitt or Auburn.