When the Falcons were repeatedly said to be looking for a "big splash" coaching candidate, I was pretty puzzled to see them chasing Mike Singletary. Yeah, I like the guy, but he'd be like making a big splash in a bowl of oatmeal. Sure, it's healthy and wholesome, but is anybody really paying attention?
Because ProFootballTalk is the originator of this particular rumor, you may want to take this rumor with a grain of salt. The Falcons are said to be chasing Mike Shanahan of the Broncos, who you may remember from such classics as "Employing A New Running Back Yearly" and "Embarassing The Falcons In The Super Bowl." Stealing him away from the Broncos would be the very definition of a big splash hire for Blank.
I'm going to withhold judgment on this until it becomes clear whether or not we're really chasing him. He's got a very distinguished track record as a good coach in a specific system, so it would very much hinge on if he could implement it in Atlanta. Since the rumor talks about him taking over as GM as well, I'm guessing he probably could.