PJ is the best coach we can hope to have that would stay with us for the long term. Anybody better would use us as a stepping stone to an SEC, USC, or a Notre Dame job (George O' Leary).
So, we have a guy who is a top 20 paid coach. He makes $2.5 million a year, with increases scheduled.
His record since the beginning of 2010 is two games below .500 against FBS competition--a losing record. The final Sagarin ranking in 2010 was in the 60's, for 2011 in the 50's, and is 61 as I type this (all worse than Gailey's teams in corresponding years). The most recent 12 game record is 4-8. The worst since Lewis.
In summary, we have a guy who paid top dollar, is not winning in a weak conference----and he is the best we can do?
I find it that extremely strange that you measure "best we can do" as involving the necessity of keeping a coach long term--a coach who is losing. Unfortuately, your view is shared by a lot of GT fans.
Your post does explain a lot about why the program is in the biggest mess it has been in since the 1970's--it's because the fans embrace losing.