From all accounts I've read, all signs and all plausible rationale and logic, Miami is going to try and find a way to come out of this draft with Jay Cutler, Brodie Croyle, or Charlie Whitehurst.
I believe the interest in Cutler is very real. He's an impressive player, an impressive person...and when Saban was overheard to say something along the lines of "We'd be doing pretty good if we managed to come out of the draft with him" I believe he was flat out telling the truth. I have a pretty firm belief that Saban and Mueller will use Ricky Williams and Sam Madison (among other players) as trade bait, putting out feelers to gauge their ability of being able to realistically move up to get Cutler. That is not to say they WILL do that, just that they'll gauge it to see if it is doable at an acceptable price.
They also have to be realists, and the reality is that moving up is extremely hard to do at a price that doesn't give everyone sticker shock. I think they are convinced that those three QBs (Cutler, Croyle, Whitehurst) have the best most valid prospects of becoming starting pro quarterbacks...and if they can't find a way to get Cutler they will try and get one of the other two, possibly using the results of player trades to do it.
I would personally like it if they showed some interest toward Reggie McNeal, but there has been none to date. There have been no overtures or rumors of interest toward Omar Jacobs, either. There have been connections made with Darrell Hackney, however I think they may be turned off by his measurement of being below 6 feet tall. Saban has a GREAT respect for history, and historically speaking, short quarterbacks simply do not make it. There hasn't been any real talk about another favorite of mine, Barrick Nealy. IMO, they would have to come out having some real failures to end up looking at guys late in the draft such as Drew Olson, Paul Pinegar, and Josh Betts. By that point if they've failed on Day 1 to put themselves in position to take Cutler, Croyle, or Whitehurst (which may mean trading ourselves into the top of Round 4 for Whitehurst) then they may just say screw it and do everything in their power to trade a second day pick for Patrick Ramsey.