Not too worried. He was unlikely to coach the Cs anyway and they probably didn't want to stand in the way of him getting another job, since the suspension was levied by the team, not the league. Stopping him from applying for other jobs could be seen as a restraint of trade, especially if he decided to quit rather than serve his suspension.
Now what is open for debate is letting him go with no draft compensation. I'd be curious as to the thinking behind that.