The media tends to disregard the obvious when it doesn't lend itself to fueling their speculation...
Some in the league office believe Payton's contract could toll -- meaning the last year would be put on hold, tying him to New Orleans for the 2013 season -- but there is no evidence to confirm that possibility. Until now, the league has not been asked to review or rule on the contract, according to sources, though some believe it eventually could.
If he were a player there would be no question that his contract would toll. I doubt the case is different with a HC who was unable to fulfill his contract due to a conduct suspension. Might make for an ugly situation though if Payton is actually interested in moving on. However in that case Benson wouldn't really want him and the sides would probably agree to some form of compensation to avoid a protracted contractual rights battle that would result in NO, Dallas and Payton being in limbo.
And as much as Dallas may make sense for Payton from a family standpoint, being a Parcell's protoge I doubt he is really that interested in the coach killing position that working for Jerry has become. Payton knows he can straighten out NO's offense as long as Brees is contractually bound to run it. His issues revolve around his own inability to run a defense. But the poor play this season has likely guaranteed he has at least another year of working with a highly thought of and motivated DC who just needs some pieces in place to get that side of the ball back in focus.
It's also pretty clear now that Benson has purchased the basketball team and put Loomis in charge of running it, too, that Loomis isn't at risk of being replaced in NO any time soon. With Loomis and Brees locked up there is little reason for that kind of clause to pose an impediment to extending Payton.
And I think after his suspension most other teams would have at least a twinge of pause in persuing him. He does seem to have had the ego to push the envelope on many levels, including probably anticipating being able to write/leverage his own ticket. Essentially his decisions (hiring Williams, giving him carte blanche, allowing the pay for play turned bounty program to continue to exist despite league warnings) cost the NO owner a season as well as draft picks. I doubt at this point there would be that many owners eager to give him what he wants minus some unpalatable, ego deflating checks and balances.
That said, speculation drives ratings and neither the media nor the Saints nor Payton nor Dallas or any team similarly facing the potential of another lost season will be all that interested in putting a firm lid on it for that reason. Gives their fans something to get energized about and distracted by during what for them will be the elongated dead period in their seasons.