I get it, but his actions don't really match 'worst case scenario' worries.
If he were resigned to accepting the current ceiling of the program (12-0 when things break right, but still not good enough to beat Bama or Clemson), he wouldn't have gone out and battled LSU for Freeman. He would've made an easier hire after the initial drama, and Freeman would be in the rearview.
And honestly, I think ND grabbing Jack Coan from the portal is another sign that he knows they're on the cusp, and means to keep banging on the door. Coan his a high-floor, low-ceiling guy. A different player than Ian Book, but can provide similar results if you take care of business on the OL and on defense.
They probably know that Pyne isn't a game-wrecker, and they can't risk putting all their eggs in the Buchner basket immediately... so they grab a QB that can manage things for a very talented but inexperienced roster, and hope that it provides enough stability to win 10+ again, maybe more if they hit the lottery at WR somehow.
TL;DR
You don't get into a bidding war for Freeman or take Jack Coan as an insurance policy for the offense if you don't think you can reload and win a bunch again, IMO.