To those that don't know what that means, I say watch more football.
Since it isn't football season, I'll explain it, but just this once.
It is in reference to the punters.
An ideal punt is one with no return. If you don't know what a punt is, I don't believe you can live in the US and not know what a punt is. If so, I question your patriotism.
Thus if you can kick it so it goes out of bounds at like the 1 yard line that is perfect if it goes into the endzone, it is a touchback and not so perfect.
However, if you are punting from your side of the 50 yard line, it is unlikely that you'll be able to pin the other team back, so you try to punt it about 45 yards or so. With this it gives the gunners time to run down the field and hit the guy trying to catch it while he is still standing still, or at least before he get really moving.
The gunners are the first line of your coverage.
Now lets say that you punt it 70 yards, which happens sometimes, usually when there is not as much heighth on it, which also creates problems. Anyway the gunners don't have time to get down there, so the other team has a chance to set up the return.
In effect the punter has done too good a job of punting, and out kicked his coverage.
When you're referring to other stuff, I've heard to mean something like he is in over his head, or to mean the same thing as he is out of his league.
Like President Bush, I think he has out kicked his coverage, when landing a gig, he wasn't qualified for.
I out kicked my coverage by marrying way way way up.