Unless the downside risk is very large (it isn't here), fear of the future is a terrible logic for inaction and I hope the leader of our athletic department would not be paralyzed by that.
After 7 years, we know the coach we have now isn't good enough and, if he is retained, that will result in little more than disillusionment among the dedicated fans. On the other hand, a new coach will have the hopes of the fans with him for at least a couple of years.
Yes, we could get a coach who is no better than Pitino (although I would hope at least than we know enough not to hire a completely unproven 31 year old this time). Or, maybe we could get a coach like Steve Pikiell who labored at the illustrious Stony Brook prior to arriving at Rutgers. He's the type of coach that no one would have thought of around here. He took over a horrible program that had 10 straight losing seasons before he arrived and hadn't been in the NCAA tournament since 1991. He wasn't an instant success but, by his third season, people started worrying about playing Rutgers. He will win 20+ games this year by the time his season is done and his team is still listed as probable for the NCAA tournament.