I think We need to back away from the "Blue Blood" designation. We are an historically significant program because We have won 5 NCAA Championships. But We haven't won one in 38 years. And if You look at the program over Knight's last 15 years it wasn't meeting that standard. He had that excellent team in the early 90's that was capable of winning a Championship but missed. The 2002 Team that Mike Davis inherited reached the Championship Game and lost to Maryland. The 2013 Team was very good. other than that We have been about average over that time.
So Where does that leave Us? For the most part anyone Who has a significant memory of the 1987 Championship Team is over age 50. Players We are recruiting today weren't born the last time We played in the Championship Game. And many of the Coaching Candidates We are considering are under age 50, and don't have memories of the last Championship Season. If anything They have learned about Indiana only through their interest in the history of College Basketball.
Is the Indiana job desirable? Yes, it is a program in a major Conference with good facilities and good fan support, good TV exposure, and centrally located for travel and recruiting. But it may not be the slam dunk job decision that it was 25 years ago.