As Coker will graduate before next season, there will be no limitations on where he may transfer; the release simply allows him to make formal contact with other programs to seek the best possible situation for himself.
Coker is expected to visit Alabama within the week and we expect him to be on the Alabama roster—likely as the staring quarterback—in 2014. UPDATE: Coker in fact met with Nick Saban yesterday.
Coker nearly beat out eventual 2013 Heisman Trophy winner Jameis Winston with a torrid preseason camp, but Winston narrowly held onto the job before setting the college football world ablaze with his performance throughout the season.
Coker is regarded as a potential first round draft choice and may have the strongest arm in the country to pair with outstanding running ability and size. Perhaps the most impressive thing in the Coker's FSU career was the way that the young quarterback handled not winning the starting job, as his maturity helped keep the locker room from fracturing.
Should Coker end up at Alabama, he may well wind up on the field with his former teammates again, only this time on the opposite side in the College Football Playoff.