The timing is kinda of tricky.
A best case scenario would be announcing a new coach, rather than dismissing Holly per se. Under that scenario, the media narrative would focus on what the new coach brings and the program starting a new chapter.
Just announcing that Holly is gone and a coach search is underway opens the door for speculation about a once storied program now adrift and plagued by all kinds of uncertainty.
If the pending new coach is in the tournament, then the naming would have to be delayed.
But I suppose ending speculation about Holly sooner than later remains the lesser of two evils.