I don't know about play by play -- but pre, halftime, and postgame - yeah, I can see it. Chicago Sports Net should hire him to critique Hoiball.
While I don't see Thibodeau working out as an on-air personality, I think it would do him a world of good to try it. There's no doubt that he knows the game, but being likable and interesting isn't something he's spent any time on in his whole life.
It doesn't sound like Thibodeau was getting the interest (paychecks) from the various media outlets that he was hoping for. I read that sabbatical stuff as implying that he's just going to hang out this upcoming season.