If a coach has job security after multiple losing seasons, then it must be accepted that the administration at his institution has decided that athletics aren't a priority in the university's mission, they're merely another necessary expense, like groundskeeping maintenance.
Although I'm admittedly an outsider, I cannot understand the "can we afford?" line of questioning. No school can afford the going rate for a quality coach, let alone the costs involved in maintaining the arms race...but, conversely, football is one of the very few areas in higher ed where the initial investment and continued commitment has the ability to turn a profit. Currently, the real question for any school is "can we afford not to perpetuate the growing expense?"
I'll have to dig through my files, but I saved a few good articles and spreadsheets from the NCAA website that broke down NCAA football profit/loses by institution. What I found fascinating weren't the huge profits made by the traditional programs, but the trend over the past 10 years for everybody else. Even some D1AA schools have started to cut losses/break even, and amazingly enough a couple actually are turning profits. The numbers defy all reason and are entirely counter-intuitive. For instance Connecticut put forth a mediocre effort for upgrade to 1A in '00...yet somehow football already out-earns a basketball program with 2NCs in the last 10 years...by a significant amount.
Furthermore, being a Troy Alum as well, I've seen how signing on for 'rent a slaughters' can finance the entire athletics dept. If UL merely dropped the McNeese State game and the annual MAC matchup, they could earn $600K-$1mil/game signing on for another school's open dates. Without even batting an eyelash, the athletics dept has another $1-1.5 mil to upgrade their staff.
Look at UNC, that program was terrible for a long time, and still has substandard facilities...Paying Butch Davis $2.1mil/yr has quickly changed from a perception of gross fiscal responsibility, to that of an astute investment in less than 2 years.