Based on that, the problem is a value add proposition. The really good coders might add more value as really good coders. Transitioning that person to a position of manager, might be negative value as there will be impact as a really good programmer will have to be replaced, and then trained to be a manager.
If you really want to transition to management from any previous role, go get outside training, add degrees or certifications to your resume. Apply for the next management position, or jump ship to a new company hiring in as a manager.
It can also give you some leverage in upcoming reviews after being passed over for management roles for a raise to make compensation on par as if you were doing a manager position. Where as if you are more valuable as a developer you should be compensated for the job you are doing, but don’t want to be doing.
I would also stress to, for anyone regardless of role to also negotiate for a severance package so that your cheaper to keep than to be let go. Start it low at a month or two of salary. Try for it lue of a next raise or a smaller raise plus severance when offered future raises. If you do get a severance package (in writing) make sure each future review you negotiate more months of pay in the severance. Also only accept the severance if it does not specify exit terms, so any exit from the organization you are compensated regardless.