Conventional wisdom is that Weis will likely be fired after the end of this season.
Here's something I haven't heard mentioned that if ND is smart (And they are. We can blast them for numerous things but they're not dumb.) they will take into consideration.
ND's best prospects for winning next year are if their rising senior offensive talent (Clausen % Co.) stick around and don't bolt to the NFL.
Now. If you are Clausen or one of the other skill position players at ND, with a choice to go to the NFL or stay at ND, and ND makes a coaching change, what do you do? At that point, you're looking at the prospect of starting over under a new coach and a new system as a senior. That doesn't bode well for your NFL stock rising and if anything, chances are it either stays the same or falls, and the chances of things improving substantially at ND under a new coach's first year are slim. In other words, you have little to nothing to gain, and possibly lots to lose, by staying at ND.
The flipside is, if Weis stays, there's a much better chance the offensive talent stays and that ND is much better next year.
Now, if ND isn't much improved next year, then, fire him. At that point, you're not taking a huge risk of losing significantly more talent -other than the normal attrition- during the transition. Plus, it's one less year remaining on his contract at that point, thus a smaller buyout.
Plus, bottom line, there's the recession. Buying out Weis, plus hiring a new coach is a significant expense. (understatement) Thus, in light of the aforementioned, to me it makes much more sense for ND to take their chances w/ Charlie for 1 more year, and if things continue to go as they have, fire him then.