Are managers really on a hiding to nothing here, especially in a way that they aren't in other clubs? Because the way I see it, with few exceptions such as Guardiola and Simeone, any manager is a poor run of form -around 10-12 matches- away from getting the boot. That's why any manager who feels he has the leverage insists on hefty termination clauses during contract negotiations. It's a preparation for an almost inevitable exit in the not-too-distant future. To give two recent and familiar examples, Dyche and Nuno took their respective clubs to unprecedented heights, yet got the sack regardless.
In particular, if Levy has such a notorious reputation in the eyes of many managers like some people claim, then this job should be closer to a free hit than it is to being on a hiding to nothing. Walk in to the job, earn your hefty wages during your tenure, perform to the best of your abilities, get the sack, pocket your payoff, walk away without suffering any reputational repercussions. And, on the slim chance that you obtain great success, enjoy being hailed as this guy who achieved the unachievable . Sounds like a dream to me.
I can see the objection that what I described above is too cost-benefit oriented, and that especially young and upcoming managers would be more idealistic in their thinking. I don't agree though. It's a job after all, you don't pass up this kind of an opportunity unless you have really good reasons to do so.
And by reasons I don't mean staying in clubs that spend nothing compared to us, let their best players go every summer, are run by people who cut corners as much as Levy does etc.