To me, this is the strongest case for retaining Pitino: that this year's team more or less met expectations and that next year's team will be better. Of course, you have to be careful making that point because any program where a 12th-place finish is meeting expectations hasn't set the bar high enough. Ultimately the question is whether it's reasonable to judge someone on a 7-year body of work, and of course it is.
You have to remember that a 12th place team out of the 2020 B1G Conf would be equivalent to a much higher finishing team in several other conferences.