But you also have to be a coach who is ready for the Big time. Archie wasn't. Woodson just absolutely sucks as a coach.
I think the issue most IU fans don't realize is that the mix of admin/boosters piety and lack of support for anything but impeccable behavior, and the fans being so far out of touch with reality as to expectations puts anyone who comes there as a coach in an impossible position.
If you run through the coaching carosel from Knight to today you see the following - Knight, winningest coach in IU's history who is also responsible for getting them to "Blue Blood status" - fired after a few mediocre seasons vs. other blue bloods who support their cheating/asshole coaches to the end. Davis, took you to a finals appearance (imagine if you wouldn't have tossed Knight....) got kicked to the curb after 1 loosing season. Dakich, fired (I think everyone will agree with this one). Sampson, Fired for sending text messages vs. Blue bloods that would defend their great coach and tell the NCAA to F off or cover it up. Crean, Fired after taking IU to the S16 in 3 of the past 6 tourneys and being ranked #1 for a chunk of time 2 seasons prior to being canned. Archie, fired he was one of the best options you had after you treated your previous 5 coaches so horribly, and probably was in over his head. Woodson, fired again was an ok option that was left (admin/boosters wanted an IU guy....) after you treated your previous 6 coaches horribly, when from the start IU should have been planning to replace him right now regardless of performance using him as a bridge to build the program back up and get their reputation back to a decent level. Instead you just added another coach to the list of really crappy, career ending, stints as the IU head coach.
IU's reputation is now at a point where the only coaches it can attract are ones that don't have any other good program opportunities, and don't mind risking their career to cash out. It has nothing to do with tradition, or resources, or pay day. It has to do with a mix of unachievable morals from the boosters/admin, and unachievable expectations from the fanbase. You can have one of those and be successful, but both together is asking for a miracle and isn't going to happen.