Yep, alot of the blame would actually spread to Phil when anything goes wrong just because of Phil's reputation as being a strong personality, and Jimmy would get tons of credit for being able to accept Phil back, just like his father got when he brought Phil back the second time.
The "problem" for the Lakers in people's mind is more than just the coach and the older players and contracts and cap situation. A big part of it is that people view the organization as being dysfunctional and think Jim is clueless, and they just highlighted that when they passed on Phil for Pringles.
Jim isn't clueless, but he simply has to make a move here. You hire Phil to the front office and reconnect with Jeanie and all of a sudden you have an organization thats loaded in the front office. Jim was groomed by his father, Jeanie is sharp and savvy, Mitch has his magic wand and freaking Phil Jackson. Then you have a coach that's good for Dwight, good for Kobe, and cap space in a year (Im willing to bet Nash will retire next year too).
That, along with the city of LA and the extra $30M is too much to walk away from.
"Come hell or high water we're gonna be there again. Its just something about the Lakers organization. Mitch is really, really good at it, he's really really good man...."