Attendance is down because nobody is nor has any reason to be excited about the program and team and it is time to stop digging.
I wanted to highlight this point. Ultimately, this more than anything else will determine Holtmann's fate. If Gene Smith can't move BB tickets, he'll have to make a move.
That said, I think that Holtmann has dug himself a HUGE hole based on the performance of his teams. Let's say they start out with 10 or 12 straight wins in the 2023/24 season. Maybe you will be excited. Are Ohio State fans going to be excited? I doubt it. I know I will not because I've seen this movie before, repeatedly:
2022/23:
Got as high as #23 in the Poll and were #24 at 10-3/2-0 after beating Northwestern on NYD. Then dropped 14 of 15.
2021/22:
Got as high as #13 in the Poll (early January) and were 10-3/4-1 then faded to unranked at seasons' end, lost BTT opener, lost NCAA second round game.
2020/21:
Got as high as #4 in the Poll (mid February) and were 18-4/12-4 then lost four straight, got to the B1GCG, lost that, then lost to a #15 seed in the first round of the NCAA.
2019/20:
Got as high as #2 in the Poll (late December) then lost six of seven to fall out of the rankings completely. Finished a "meh" 21-10/11-9 before the B1G and NCAA Tournaments were cancelled.
2018/19:
Got as high as #13 in the Poll (late December) then lost six of seven to fall out of the rankings completely. Looked to be improving and got up to 16-7/6-6 before losing six of eight down the stretch to finish 18-13/8-12 and going 1-1 in both the B1G and NCCAA Tournaments.
2017/18:
To be fair, this one really doesn't fit the pattern. Instead, this team was pretty awful OOC. They beat Stanford but Stanford ended up an NIT team and the Buckeyes lost to all four decent OOC opponents but won 13 of their first 14 league games to improve to 22-5/13-1 and #8 (mid February). They were a lackluster 2-2 down the stretch then lost their B1G Tournament opener (still bothers me because I drove to NYC to see the tournament and my team lost in the first game). Then they had a first weekend exit from the NCAA.
Holtmann's teams have repeatedly looked good or possibly great early or toward the middle of the season then collapsed. That makes it REALLY tough to generate excitement because if they are ranked even as high as the top-5 the history says it doesn't matter, they'll collapse and be done in the first weekend of the NCAA.