No - it is not that far fetched. When Erstad started with Nebraska, the Huskers (I believe) were still in the Big 12. Since they've moved to the Big 10, their athletic department revenues have nearly tripled ... similar to the financial boom we've seen with our move to the SEC.
(Side note - amazing what great things happen to you when the folks in Austin don't make all of the decisions on your behalf...)
Anyway, with the increased dollars NU has in it's pocket, it's my guess they can now afford to commit resources to non-football sports. They made a splash hire in basketball by landing Fred Hoiberg. I can see NU wanting to do the same in baseball ... and by their standards, hiring Childress would be the splash baseball hire to end all splash baseball hires.
And ... on top of that, Childress would likely be very successful in the Big 10. The chances of making the post season and hosting are much greater than they are at A&M. He would probably be the best head coach in the league and the competition level isn't that great. If he did his scheduling the way Texas Tech and East Carolina do, they'd have a regional in Lincoln 75% of the time. Make high-profile road trips in February and early March, then win a lot of league games and you're golden in the eyes of the committee. If RC will take the Huskers on the road to play LSU (for example) and maybe a California tourney before Big 10 play starts, he'll skate to the post-season every single year.
But those who hope in the LORD will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint. Isaiah 40:31 (NIV)