Assuming no more than 7 league wins and a finish no higher than 8th this year, with only periodic flashes of marked improvement ...
I think it would say a lot about Larry and his desire to make things better if he was a willing party to renegotiate his contract. His salary is a major sticking point among the fanbase, and rightfully so. We're not getting what we're paying for, and haven't been for some time. It would buy him tremendous goodwill among two major shareholders -- alumni/fans, and the media. If he's willing to do so, I'd lean strongly toward giving him two more seasons to figure things out.
If he's not willing to do so, then you've got an easy decision in front of you.