Wisconsin can offer the job to anyone at any time and announce said person as their new HC. The hiring will just not be official until the UW System Board of Regents meets on Dec 17th and approves the hire.
UNLV has announced Tony Sanchez as the next HC. The press conference was held yesterday, pending approval from the Nevada State Board of Regents, which is meeting on Dec 16th. At this point, it's a mere formality for Board of Regents to approve the hire. And, most likely, the same would be true at Wisconsin once Alvarez and UW-Madison Chancellor, Rebecca Blank have decided on the next HC for UW-Madison.
The official name for the school commonly called Wisconsin in athletics is University of Wisconsin-Madison. The BOR oversees EVERY school in the University of Wisconsin system, unlike at YSU where the hiring would be subject to final approval of the YSU Board of Trustees. Same is true at UNLV and UNR(University Nevada at Reno...commonly called "Nevada" in athletics to people outside the state), where the hire has to be approved by Nevada Board of Regents.
As for Pelini, I get the feeling YSU is his fall back plan, and for whatever reason, Strollo and Tressel seem to be willing to wait. Wisconsin or PITT is going to need an HC. Both schools will also need a DC. It is quite possible Oregon State will be looking for a new DC with a new HC. Not sure what the relationship is like between Pelini and Gary Andersen. I am pretty sure though that Andersen is NOT going to be taking the DC he had at Wisconsin with him to Oregon State after the 59-0 loss to Ohio State.
North Carolina has an opening for a DC.
There are going to be DC openings in the NFL. And, that may well include the 49'ers, as it is highly rumored Harbaugh is done after this year. Pelini got his start in coaching with the 49'ers. They are owned by the York Family.
Kentucky has an advertised opening for an Assistant Coach. No idea what position is open. This is an option due to the HC being Mark Stoops, a long time friend and former teammate.
North Texas has an opening for a DC
UNLV is going to need a DC
Tulsa will need a DC
Colorado State will need a DC
Michigan still needs an HC, let alone a DC
Kansas needs a DC
Houston needs a DC
Troy needs a DC
Florida may well still need a DC
So, there are several openings at the FBS level for DC's, and still a few openings for HC's, with one most likely being PITT. Then add in the NFL assistant jobs that will come open. No rush for Pelini, because he gets paid whether he coaches or not in 2015. And, the longer YSU waits, the more likely candidates interviewed early in the process are to withdraw their names from consideration. Waiting can also have a negative impact on recruiting. And, as myself and others have been saying, Bo is a solid coach. He has wealth of experience, he is from Youngstown, but NONE of that guarantees success at YSU. And, with Pelini as HC, success is going to mean winning MVFC Titles and deep playoff runs. Not simply making the playoffs.