I think that much is evident. He won't change the system no matter what, can't seem to get anything (or enough) out of the players he has, and can't recruit well for the PL (similar to Warnock).
There's no shame in that, it is a difficult job and before last season I said how I feared a bloodbath and delightfully I was proven wrong. Though that is last season we need to think here and now.
There are two approaches we can take:
a) Accept relegation and that Wilder is the one to get us back up. Like Farke, Dyche. However this is a bit different as this is a national humiliation and will be difficult to recover from.
b) Make a change. Holloway resigned from Crystal Palace and they stayed up as he realized he wasn't up to it, Crystal Palace also sacked De Boer after a similar run of form, and stayed up.
Ranieri is the best example I can think of that relates to our situation. A club legend for Leicester for obvious reasons, however he was taking them to the second division in his next season before the board intervened.
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If we want to stay up I find it difficult to believe that Wilder is the one to achieve it. However that doesn't mean sacking him is necessarily right for the club.
With that said the board should be considering things carefully, and the mantra of 'not sacking him no matter what' has to be rejected out of hand.
Hope this thread bites me at the end of the match...