The truth of the matter is that Ferentz will be gone eventually.
Whether that results from a buyout in the next year or so, he decides to walk away before his contract expires, or he rides his contract to the end. I do not believe that we will see his contract extended again, even if he achieves 8-11 win seasons from here on out (he will retire anyway).
As the OP stated, you need a good plan and not a knee jerk reaction. Even that does not guarantee success on the field.
My point is that Iowa should not be afraid of change just because change resulted in failure for X, Y, or Z program. There are just as many examples where change resulted in success. Huge success.
Signed,
Hayden Fry