Again, I hate to keep coming to the defense of MSU (I don't even like them!) but the Spartans have been to a CFP, went 11-2 two years ago, and have a billionaire who is pouring money into the program in order to take it to the next level. It's not a dead-end job; Saban turned it into LSU, D'Antonio had some really strong success there, and they have all the resources to be a Top 15 program.
If Elko does well there, any one of the Top 10 jobs that might come open in the next few years - Florida, Michigan, Bama (👀), etc. - would all be wide open to him.
Again, a lot of you are underestimating what a 9-4 season at Duke means, how rare it is, and how tough it is to repeat (Elko is 6-5 right now). If he has another season like this year in 2024, all of a sudden the job offers are gone and holding out looks like a terrible decision.
If MSU offers, and he isn't a candidate at other bigtime open jobs (looking at you, A&M), he would be foolish not to take it.