As a Tulsa fan who watched the "Malzahn miracle" in person in 2007 and 2008, I can only say that CO should hire him immediately. In his offensive scheme, very average players were put in a position to win games consistently. And it wasn't just against weak C-USA competition either. Just prior to beginning a 16-game winning streak, BYU lost to Tulsa, with the Golden Hurricane scoring 55 points against a much more talented Cougars team.
With the Malzahn offense, there is only one drawback: your defense spends 40+ minutes on the field, and tends to get gassed. The average Tulsa scoring drive in 2008 - when we were leading the nation in offense - was only six plays and lasted 1 min. 29 sec. !!! It sounds incredible, but you can look it up. That's what happened. Before teams even new what hit them, Tulsa would score 28 points.
I would bet my house that a Malzahn offense would decimate the Pac-10.