This isn't really that serious. It's fans talking about grown men playing a game. It's supposed to be entertainment.
Anway, sure Loomis has one final chance to hire the right coach and rebuild the team. If he misses, he is gone. And frankly, at his age, he's likely gone in a few years even if he hits on the right coach. I'm not all that confident that he is going to get it right, but he does at least seem to be going through the right process this time.