If I was a decision maker with regards to this situation, I would take a good hard look at mid season or earlier firing (since that's what everyone is calling for) and figure out the pro and cons here.
Personally, short of making a strong push at renegotiating (heavily) the buyout, I would definitely not make a decision on CGC until the end of the season. Not really sure how things could get much worse.
Looking at the two options (to me) and possible outcomes:
1) heavy renegotiation of buy out. We pay a much lower price to agree to part ways.
Why would CGC accept this? If he has any hope if becoming a head coach again soon, he takes this route. Given the trajectory of hc salaries at major programs, if he can go somewhere small after here and prove he's not a bad hc, he can then move to a bigger program and make more than the remainder of his payout here.
2) let him coach the remainder of the season
Scenario one, everyone is pleasantly surprised and things finally click here (always a possibility no matter how bleak things look now) think the end of 2013 season vs 2014 (highly doubt we get that result no matter what, but a significant improvement, say 8 wins shouldn't be impossible).
Scenario two, CGC loses the locker room, and everything goes to hell. People in these situations often make stupid mistakes/decisions leading to some sort of firing for cause, in which case GT is off the hook for the rest of the contract.
I personally don't know how I feel about this. It's ok theoretically, as long as it is a legitimate reason to fire for cause and not a UT type deal of just being scummbags, not honoring a contract.
Hoping for pleasant surprise, or parting of ways via buyout renegotiation.