Basketball may be IU's entire identity, but they haven't been consistently relevant in almost three decades, they haven't won a national title in 38 years, they haven't been to a Final Four in well over two decades. Did I mention that Miami has made more Sweet 16 appearances since 2010 than IU? The results haven't been there for years. The money is there, just like the money is there for UCLA(Don't get it twisted, there are some huge institutional donors in Westwood, the issue is that they haven't hit on a coach).
Money alone can't get it done(it does help though), you need structure, you either need a coach strong enough to tell the boosters to mind their business(Like Saban did at Bama), or you need a guy that is a great politician that can keep the hounds at bay(Mack Brown at Texas, Jim Tressel at Ohio State). You also need boosters that aren't toxic and stand in the way of progress.
Should IU reach out to **** near any coach they can? Yes, but I think that people of a certain age overrate the IU job, like they overrated the Alabama job pre Saban. Some of these jobs sound a lot better than what they truly are.