Mike Munchak has been the leader in the clubhouse to get the job pretty much since the minute it was announced that Jeff Fisher would not return to the Titans for the 2011 season. We are all pretty familiar with "Munch" who has been the offensive line coach since 1997. His bio on the official site mentions that he has only had the same five offensive lineman for two years in a row twice, and that the Titans are second in the league in fewest sacks allowed since 1999.
There is no doubt that Munchak is a great coach and teacher. He is an offensive guy so you would assume that he would be more willing to open up the offense than Jeff Fisher was. If nothing else, I think he would be more willing to let Mike Heimerdinger run the type of offense he truly wants to run (assuming he is the offensive coordinator which I think he would be if healthy and Munch got the job).
The defensive coordinator hire would be huge if Munchak got the job. The favorite would probably be Dave McGinnis because they have worked together for the past few years. McGinnis wouldn't be my favorite hire, but I don't think he would be terrible either.
In addition to being one of the best offensive coaches in the league, Munchak played on the offensive line for the Houston Oilers from 1982-1994. He was inducted into the Pro Football Hall of Fame in 2001 and had his number retired by the club in 1996.
Another huge thing in Munch's favore is that he is a native of Scranton, PA the home of Dunder Mifflin!