Actually, Mr. Davis was let go because we thought we could snag a better coach to "take us to the next level". I didn't like the fact that he was let go, especially in the way he was let go.
Alford had more than the door pointed out to him. He defended a rapist and cast doubt on the victim. He should have NEVER been hired after that. Period. My nephew was a manager when Alford was here and he doesn't have a lot of bad things to say about him as a person - but does criticize his actions over that incident.
Lick was let go because he took a floundering program (due to Alford's issues) and sunk it. He played boring basketball and had issues hanging on to players that he recruited.
Fran has brought us back to above Alford level, at least as far as records and players go. I still question the decision on the buyout of his contract, but there are a number of coaches across the country with similarly expensive buyouts. Personally, I don't like that but that's the way of today's coaches.
Here's a list of the NCAA men's basketball coaches with the highest pay. It also includes a column for buyout, so if you click on the column header you'll see where Iowa ranks in buyout. (Also note that Rutgers and Illinois coaches have a higher buyout than Fran)
http://sports.usatoday.com/ncaa/salaries/mens-basketball/coach/