Belichick didn't overreact and brought him back. Just like Saban didn't overreact to Kiffin's reputation. Just like Chip Kelly didn't overreact to Sanchez' public reputation.
It's like Al Davis' old theory with the Raiders, to grab somebody who was once considered elite now that the market value is significantly lower than previously, and likely lower than it should be. Davis became a laughingstock to younger fans but those of us who remember his heyday have a vastly different opinion of him.
I don't know what to think about this. McElwain scares me because he could make a difference quickly. McDaniels is more of a gamble but if you hit with a young guy like that he could rule the state for a decade or more. Florida obviously wants an offensive guy.
Belichick is supposedly tight with the Gator program. I don't doubt that Jeremy Foley inquired about McDaniels as Muschamp faltered, and that Belichick gave a positive appraisal.