One of his conditions in the settlement was that he could never apply for any position at USF ever again so he will never come back.
When Leavitt initially filed the suit, he sought only to get his old job back, but the fine print of his settlement makes it clear that will never happen. The settlement stipulates that Leavitt cannot apply for any job at USF "in any capacity," and that if he does, USF "is free to reject and disregard it."
http://www.tampabay.com/sports/college/usf-settles-ex-coach-jim-leavitts-lawsuit-for-275-million/1144945