3 seems most likely, unfortunately. With probably the 3 best players leaving, with likely at least a few others (maybe more), no replacements coming in and a coach that uses the portal only if forced to, I'm not sure how we field a team that doesn't lose 20.
2 seems unfair to all involved. After having no announced transition plan, simply handing it over to Red puts him so far behind the 8-ball that it'd be a miracle if he didn't fail. If there had been a plan revealed, allowing him to recruit in the open like that, going after players he wants, there could be a relatively hopeful transition. Instead, he'd be scrambling to keep anybody here and then hope some impactful portal guys could come in, but even that's a poor recipe. Limited in-house talent and nothing coming in makes getting potentially a starting lineup or close to it out of the portal an unreachable fantasy. Not to mention, the fanbase will be far from enthused about this. Then what? Another losing season in year 1 with wavering support?
1 is our best and only real hope for a quick turnaround and potential long-term success.