May needs more time. I'm probably less sure May is going to be a top tier P5 coach than I am Woody isn't. His first 3 teams at FAU were barely above .500. If his style were so great, he'd have won more frequently with it his first few years. Having said that, he is a compelling guy. Very well might be he's a guy that will continue to thrive in todays NIL/Transfer portal world. And that his style of play will, in fact, jive with P5 level players, and he'll continue to be wildly successful. Or, to flip back the other way, maybe his core group of players these last 2 years are carrying him, and he won't repeat that again without them?
Point is...no way to know right now. So he's not a good candidate for IU, right now.
I do share your concerns regarding Woody though. I think there's enough "tape" now, that if I'm Dolson, I'm not, not keeping my ear to the ground. I wouldn't move on Woody for May, or most anyone, even if they majorly stumble and finish well below .500. But I also don't think he's ever going to get IU consistently back to the top of the B10, and in positions to make long NCAA runs. So if Donovan were to show any interest...or Stevens...done deal, I'd move on Woody immediately. If the season ends badly, there may be a handful of others, if there were serious interest, that I'd move on Woody for...but not many. And off the top of my head, I can't think of who they'd be.
And then the real crux of all this...he's 2-0 in the B10, and 10-3 overall. I don't like how his team is playing, but he obviously deserves support right now.