The problem here is your scale.
Your character is 853 max units tall. Your collision offset and depth should be reasonable numbers relative to the size of your character. Usually a depth of 2cm and an offset of 0.5cm are ok for a normal-sized character (about 180cm tall).
In your case, the offset depth should be more like 10 and the offset 2.5. Note that the offset and depth values are in MAX UNITS.
Another problem with your scene is that you have cm/unit set to 2.54. That means each max unit corresponds to 2.54cm in real life. This in turn means your character, as far as the cloth simulator goes, is 2.54*853 cm tall. That is a gigantic character.
I suggest you set cm/unit to 0.2
Oh, and another thing… no need to put Turbosmooth below Cloth on the character. He is already quite dense, and it will only make the simulation slower. Put Turbosmooth AFTER Cloth if you need to for rendering.