So ends another failed attempt by Indiana to recapture Bob Knight’s coaching magic.

Mike Woodson may still finish out his fourth season as the Hoosiers’ head coach, but with a 14-9 record that has IU below the NCAA Tournament cutline and having lost six of its last seven games, multiple reports surfaced Thursday that the 66-year-old Woodson is not expected to return next season. Leaving under the official label of retirement might save Woodson some face, but his exit has felt inevitable for several weeks now.

Which means, for the third time in the last decade, Indiana needs a new men’s basketball coach.

But the circumstances around this job are different from what they were even four years ago. It’s been so long now since Indiana was nationally relevant on a consistent basis that the unthinkable happened: IU became a football school. Curt Cignetti led the Hoosiers to the College Football Playoff in his first season in Bloomington, earning athletic director Scott Dolson plenty of leeway to make another consequential hire. That’s probably not a bad thing; Dolson, a former IU basketball manager under Knight, understands as well as anyone how the Hoosiers have struggled to replace Knight, but more importantly, he knows what it takes to be successful in modern college athletics. How he straddles that line, after such a flameout by an “in the family” hire, will be fascinating to track.

How good is the job?

Historically speaking, or today? Despite the fact that Indiana hasn’t won a national championship in almost 40 years and hasn’t made a Final Four in over 20, there’s still no undoing the Hoosiers’ history. Indiana remains one of just six programs to have won at least five national championships; the others are UCLA (with 11 titles), Kentucky (eight), North Carolina (six), UConn (six) and Duke (five).

Of course, the difference is what those other schools have done in the last two decades — namely, stay atop the sport’s hierarchy. Indiana … hasn’t. Since Knight assistant Mike Davis led IU on a surprising run to the national title game in 2002, Indiana has only made the Sweet 16 three times, compared to missing the field entirely in 11 seasons — or 12, if we’re looking six weeks into the future. Indiana may still fancy itself a blue blood, but strip away the candy stripe, and you’re left with a program that has gone 76-91 in the Big Ten since 2016-17.

There are, of course, built-in benefits to being Indiana’s men’s basketball coach. For starters, you play in one of the most storied venues in the country, Assembly Hall, which was renovated as recently as 2016 (albeit not in basketball-specific areas, like the locker rooms or practice gym). In lockstep with that is a rabid, borderline-overbearing fan base that led the league in attendance in 2022-23. So the support is there, but at the same time, don’t underestimate the ire of a fan base now decades deep into a ghost chase.

But perhaps most importantly, especially in this era: Indiana has money. Loads of it. In 2022-23, the most recent year for which tax data is available, Indiana was fifth nationally in men’s basketball spending at just over $17 million, more than programs like Arizona, Kansas and UConn spent. (The only programs who spent more than IU? In order: Kentucky, Louisville, Michigan State and Texas Tech.) Along those same lines, in terms of name, image and likeness resources, industry sources estimate that the Hoosiers’ current roster is among the ten most expensive in the sport this season, namely due to transfer portal pickups like Oumar Ballo, Myles Rice and Kanaan Carlyle. The revenue from IU’s football success will surely be funneled back into Cignetti’s program, but between CFP revenue, high-profile donors and the impending House settlement, the Hoosiers should be one of the best financially situated programs in the league, if not the nation.

Long story short, the coffers are full for whoever comes next. Spend wisely.

Call list (in alphabetical order)

Dusty May, head coach, Michigan: This could get interesting, huh? Because here’s the call Indiana should have made last offseason, rather than futilely running things back with Woodson for a fourth year of diminishing returns. Instead, IU sat on its hands, paving the way for May — an Indiana native who served as a student manager under Knight in the late 1990s — to go to Michigan. To nobody’s surprise, the 48-year-old who took Florida Atlantic to its first Final Four has immediately turned the Wolverines around; Michigan is 17-5 this season and a half game out of first place in the Big Ten. (Hilariously, May’s Wolverines play at Indiana on Saturday. Awkwaaaard.)

The big question here is, would May really leave a similarly great job like Michigan after only one (successful) season? Indiana obviously has to make the call to gauge his interest, but the timing couldn’t be much worse. May still has four seasons left on his initial deal, and if Michigan’s boosters were smart, an amended contract with a healthy raise would be on his desk first thing in the morning. On the other hand, May’s mom still lives in Bloomington, and his history with the program makes him a near-perfect candidate. Can IU pull off a heist, or did it miss its chance?

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Grant McCasland, head coach, Texas Tech: McCasland, a native Texan, has spent almost the entirety of his career in the Lone Star State, but that shouldn’t stop Indiana from inquiring about one of the best young high-major coaches around. The 48-year-old is only in his second season at Texas Tech, but after making the NCAA Tournament in his debut campaign, he has the Red Raiders positioned to make a deep postseason run; they are 18-4, in second place in the Big 12, and have risen into the top 10 of KenPom’s season-long adjusted efficiency rankings. Prior to his work in Lubbock, McCasland won at least 20 games in five of his six seasons at North Texas, and his 2021 team upset Purdue in the first round of the NCAA Tournament.

It’s also worth mentioning that McCasland arrived at Texas Tech amidst controversy — former head coach Mark Adams resigned after making racially insensitive comments — and immediately provided stability. The situation at Indiana isn’t anywhere near as toxic, but McCasland’s ability to chart a new course amidst adversity would be welcome. If Indiana were in Texas, this would be a no-brainer.

Ben McCollum, head coach, Drake: The basketball version of Dolson hiring Cignetti, McCollum is a flat-out terrific ball coach who has won everywhere he’s been. Does it matter that he’s not a national name yet? We’ll see. McCollum is only in his first season at Drake, but in the 15 seasons he spent at Division II Northwest Missouri State before this year, he won 11 conference titles and four national championships. The 43-year-old brought four of his old D-II starters with him to Drake, and the Bulldogs have taken off better than anyone could’ve expected: They’re 21-2, in first place in the Missouri Valley, and own three wins against high-major teams, including a neutral-site victory over Vanderbilt. Division I coaches studied Northwest Missouri State’s offense when McCollum was there, so there shouldn’t be concerns about his style of play, and the native Midwesterner should be at home in Bloomington. It’s more a question of whether Indiana will chase a flashier name, or at least someone with more Division I experience.

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Greg McDermott, head coach, Creighton: The least sexy name on this list is still a darn good basketball coach. McDermott, 60, is our second oldest candidate and may realistically be more of a backup option, but he’s familiar with the Midwest, has almost two decades of high-major experience and has won 20-plus games in nine straight seasons. That includes four consecutive NCAA Tournament appearances with at least one win, highlighted by a 2023 squad that came within a controversial last-second foul of making the Final Four. And aesthetically speaking, IU fans would cry tears of joy watching his offense, which has finished top-25 in KenPom’s adjusted offensive efficiency eight times in his 14 seasons in Omaha.

The pure resume is as strong as anyone else’s who is listed. That said, McDermott has been with the Bluejays for so long that it’s fair to wonder whether he has one more career leap left in him. And while McDermott isn’t old by any means, the comparative appeal of hiring a 40-something who can lead IU for decades is worth noting. Indiana could certainly do worse, though.

TJ Otzelberger, head coach, Iowa State: Midway through his fourth season in Ames, Otzelberger has turned Iowa State from a Big 12 doormat into a legitimate national championship contender. (Yes, the Cyclones have lost three straight, but that’s without starting wing Milan Momcilovic, who remains out with a hand injury.) ISU went 2-22 and 0-18 in the Big 12 the year before Otzelberger arrived but has gone 87-40 in the three-plus seasons since, including two Sweet 16 appearances and the Big 12 tournament title last season. Otzelberger’s defensive focus has helped the Cyclones finish top-10 in adjusted defensive efficiency in his first three seasons, and would play as well (if not better) in the Big Ten as it does in his current conference.

However, the 47-year-old did just sign a contract extension in December that ties him to the program through the 2031-32 season, and given his lengthy history with the school — he was also an assistant coach in Ames under McDermott, prior to him leaving for Creighton — it doesn’t feel like he’s itching to leave. Otzelberger is also close with his current athletic director, Jamie Pollard, a factor which can’t be understated. This one becomes even more unlikely if the Cyclones get back on track and make the Final Four.

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Bruce Pearl, head coach, Auburn: Hiring away the potential Coach of the Year and architect of the unanimous No. 1 team in the country? Indiana fans, go ahead and pick your jaws up off the floor. This almost definitely isn’t happening, but given Pearl’s ties to the state — his first head coaching job was at Southern Indiana, where he won a D-II national title and played for another — and his success now at two separate SEC stops, industry chatter suggests Dolson will at least make the call. Pearl turns 65 in March, so this would be far from a long-term hire, but imagine the energy Pearl would inject into the program. (Auburn could potentially counter any interest in Pearl the same way that Houston put a damper on previous interest in Kelvin Sampson: by naming Pearl’s son, Steven, as coach-in-waiting.) He just became Auburn’s all-time wins leader, already led the Tigers to their first Final Four and is regularly sending guys to the NBA. What more, besides someone a little younger, could Indiana ask for? Again, Pearl’s fit and comfort at Auburn almost definitely make this a no-go … but if you’re Dolson, the upside is worth picking up the phone.

And the hire is…

In a perfect world, May. One of Indiana’s former sons — who is actually qualified — returning home to save the program? Get Hallmark on the line. Unfortunately, IU’s window to hire May was last offseason; he’ll almost certainly be offered the job but seems unlikely to accept it. (The same can be said of Pearl, minus any deeper history with the Hoosiers.) With that said, look for Dolson to follow the same strategy he did with Cignetti: finding the best coach he can, empowering him with IU’s vast financial backing and not worrying about finding a flashy name. Everyone on this list would be a good hire, but there’s one person who ticks all those boxes and would seemingly jump at this job: McCollum.

(Photos: Candice Ward, Luke Hales / Getty Images)