I think it's possible for people to go from being "the man for the job" to no longer being "the man for the job". Is Butcher still the man for the job? Sadly I believe the answer is no. I don't like the way the club is heading, I don't like the decisions he's made in regards to personnel, many of his signings have been poor, many of his tactics are poor and I don't think the way he is behind the scenes is always the way to go - which I believe is quite different from his media persona.
In saying that, if he was to resign today, who would replace him? The regular names both on here and in the media which would be trotted out would be the likes of John Robertson, Donald Park, Charlie Christie and Duncan Shearer. I wouldn't be surprised to see a number of lower league managers named come out probably with Jim Duffy being the most prominent, as well as people such as Alan Moore of Morton. The latter I believe would do a good job, but could the club afford the compensation unless there's some clause in his contract? Probably not.
Maurice Malpas would probably the most likely to get it, both for saving money and the fact he knows the squad. That though, is a thought that should strike fear into any fan. His record as a manager in his own right is quite simply atrocious and with him at the ICT helm, I'd fear the very likely to scenario of a first class ticket to Division One.
The only other option would be to go down the foreign route and go for a more left field, Ivan Golac type character. This could well be a great success or a major disaster if it's not done right and any foreign managers with SPL experience who are available right now, such as Paulo Sergio would be well out ICT's price range.
To quote Jerry Garcia of The Grateful Dead, "when one is made to pick the lesser of two evils, it means they're still picking evil" and I feel in this case this well the reality. Terry Butcher is not perfect, in fact he is anything but, and the day (maybe sooner than some care to believe) will come where he will leave this club for the final time. But he's the only choice we have for now.