I personally want to keep Riley, but for none of the reasons above. If you look at our current situation and take all parties at their word/history/value (i.e. SF, Moos, and Riley), I think one more year for Riley to prove himself would be the right decision.
First off, if you believe SF and everything he has said, then he is in no hurry to leave UCF. He has a good thing going, is working on getting his staff raises, and enjoys the location. This year his team is already quite good, and next year they have a chance to be better because they return most players. Also if you take his friends' words, NU is his dream job and money isn't a 'huge' factor. So if there wasn't an opening this year, he could position himself to stay at UCF for a year and see how this next year with Riley turns out.
Next if you take Moos at his word, after reading his round table with the media, he hasn't really evaluated Riley all that much to this point. I know that isn't probably completely accurate, but then again he was at WSU just weeks ago focusing on their athletics, and we had a bye week this past week where he wasn't able to see Riley coach/interact with the team. That makes it seem like he needs time to properly evaluate where Riley is at and if he thinks he can get it done. So no I do not believe Riley is already on his way out. I think Moos wants to give him a proper chance to either prove himself or bury himself.
Finally, there is Riley. I give him no leniency for his underwhelming initial hires or his decision to not immediately implement his style of offense or 3-4 defense (although Diaco wasn't available at the beginning of his tenure). However, I think all coaches should be basically given 4 years to prove themselves, especially when they were brought in knowing that a change of scheme was going to happen and there would be a transitional period. We should have already been through that transition, but he made some changes and set that timeline back. However, IMO he should still get that 4th year to see if he can get that timeline back on track. He would have a senior qb (think Zac Taylor first year to second year) who seems to be showing some growth, and a more experienced offense and defense all around. He would have a tough schedule, which I think would be perfect because we could truly see how well or bad the team is. Then, if he fails, bring in a new coach (SF or otherwise), and let a new era begin. But I think there is such a premature reaction going on because of how much people want to circle jerk around SF because of his good start at UCF and that fact that he is a former Husker that they are letting it cloud any real judgement. MSU and ND both had terrible years last year. Both are doing great this year. But kept their coaches for at least one more year, and I bet most fans of those schools are happy with that decision. PSU was close to firing James Franklin before things just clicked with his team. And now they have a shot at a NC. So for me this has nothing to do with fear, it has to do with giving the head coach a fair shot at the job he was offered, whether or not you think that was right or wrong in the first place.