He didn't have the stones to fire Pitino, now he falls on his sword. You know who runs the place and why. Pitino and money.
Per "stones" - Any evidence he had the "academic stones" to remain? I suspect a combo of both. If he was significantly moving the institution forward on several fronts I doubt the Pitino affair would be the deal breaker - that's just "SOP" there.... (and "like" institutions)