BottomLine

Well, IF the job requirements say you do need it, and don't have it, good luck getting the gig. Who cares if it makes sense to you or me... it matters to them, and therefore, you need it. 
I suppose you could start your own university and do it the way that makes sense to you...

All coached on the professional level.  We are talking college coaches.
 

O'Leary was hired to be head football coach at Notre Dame and then was fired five days later for not having a degree.
 

Wasn't there a major football coach fired a few years ago because he didn't have a degree and lied about it on his employment application?
 

Tom Crean taught a Fashion design class at IU.

Know that Knight taught classes, usually how to be a coach or Xs and Os type classes.  Know this is dating me be when I was at IU I had a PE class taught by Lou Watson, who was the IU coach at the time.  It is all part of being part of the faculty.

I believe that the head coach at IU and other institutions are expected to teach a few courses.  That would require a degree.
 

Mike Davis taught my Coaching Basketball class that I took.  

Know that Knight taught classes, usually how to be a coach or Xs and Os type classes.  Know this is dating me be when I was at IU I had a PE class taught by Lou Watson, who was the IU coach at the time.  It is all part of being part of the faculty.

I believe that the head coach at IU and other institutions are expected to teach a few courses.  That would require a degree.
 

Of course no one knows who will or won't be successful. If someone does, PM me please - I'd love some powerball numbers. 
The issue with the whole IU guy conversation is it isn't rational. The ONLY reason those guys are being talked about is because they went to IU. That isn't enough to be the head coach here - especially when you have zero head coaching experience. It would be a risk and right now, we need to hire someone who will give us the best chance at winning and the argument for an IU guy (given the current IU guys in the convo) is just so, so weak. 
Why isn't Calbert, Woodson, Fife, etc being considered for other big time jobs? Probably because outside of IU fans, no one knows who they are. I do not understand why people think their mediocre coaching record (if they even have one as a HC) will all of a sudden change when they get back to Bloomington. Like there's some mystical force in the Bloomington air that only IU grads can feel. I want a coach that can coach and has proven it. That's what we need, that's what we all should want, that's what we all deserve. Stop giving people chances and relying on hope. There are proven HCs out there. You want to know how you get out of the ditch our program is in - stop digging. 

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

Have no idea why this popped up here and now.  

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

Looks to me like everyone needs to take a chill pill.  IU is going to get a good coach.  Will it be the right coach?  Guys hires like this don't come with guarantees.  What is it they say about investing - past performance doesn't necessarily mean future success or something like this.  We don't know who is being interviews.  We don't know what questions are being asked.  We don't know what the potential coach is answering.  Only the AD and whoever he chooses to involve in the process know those things.  We, as fans, are well over our pay grade if we are trying to make those decisions for the program - based on what?  This is going to be a chemistry hire, at least I hope.  Lack of experience can be overcome.  Look at Howard at Michigan, A GREAT HIRE.  Sometimes it takes a coach time to get his act together.  Look at Poser at Loyola.  He has the chemistry going there but will it translate to elsewhere?  I don't know and you don't either.  Based on his record Archie looked like a good hire.  He wasn't.  As I said there are plenty of good coaches out there that know the Xs and Os but do they fit the IU culture?  Do they have the thick skin and confidence that will allow them the resist the unique pressure at IU?  sit tight folks this is going to work out.  It is just going to take some time.
Last thought on Brad Stevens.  IF he agreed to come before Archie was fired and then changed his mind, I think he blew any chance to ever get the IU job.  Relationships are built on trust and that is gone.  IF the rumors are true.
I now return you to the debate over the arrival of our next savior.

Archie Miller was never a "great young coach." His success at Dayton was overblown, his offense was terrible and got worse every year he was there, and the perception of him was heavily influenced by him being the brother of a successful coach at Arizona. 

Looks to me like everyone needs to take a chill pill.  IU is going to get a good coach.  Will it be the right coach?  Guys hires like this don't come with guarantees.  What is it they say about investing - past performance doesn't necessarily mean future success or something like this.  We don't know who is being interviews.  We don't know what questions are being asked.  We don't know what the potential coach is answering.  Only the AD and whoever he chooses to involve in the process know those things.  We, as fans, are well over our pay grade if we are trying to make those decisions for the program - based on what?  This is going to be a chemistry hire, at least I hope.  Lack of experience can be overcome.  Look at Howard at Michigan, A GREAT HIRE.  Sometimes it takes a coach time to get his act together.  Look at Poser at Loyola.  He has the chemistry going there but will it translate to elsewhere?  I don't know and you don't either.  Based on his record Archie looked like a good hire.  He wasn't.  As I said there are plenty of good coaches out there that know the Xs and Os but do they fit the IU culture?  Do they have the thick skin and confidence that will allow them the resist the unique pressure at IU?  sit tight folks this is going to work out.  It is just going to take some time.
Last thought on Brad Stevens.  IF he agreed to come before Archie was fired and then changed his mind, I think he blew any chance to ever get the IU job.  Relationships are built on trust and that is gone.  IF the rumors are true.
I now return you to the debate over the arrival of our next savior.

Looks to me like everyone needs to take a chill pill.  IU is going to get a good coach.  Will it be the right coach?  Guys hires like this don't come with guarantees.  What is it they say about investing - past performance doesn't necessarily mean future success or something like this.  We don't know who is being interviews.  We don't know what questions are being asked.  We don't know what the potential coach is answering.  Only the AD and whoever he chooses to involve in the process know those things.  We, as fans, are well over our pay grade if we are trying to make those decisions for the program - based on what?  This is going to be a chemistry hire, at least I hope.  Lack of experience can be overcome.  Look at Howard at Michigan, A GREAT HIRE.  Sometimes it takes a coach time to get his act together.  Look at Poser at Loyola.  He has the chemistry going there but will it translate to elsewhere?  I don't know and you don't either.  Based on his record Archie looked like a good hire.  He wasn't.  As I said there are plenty of good coaches out there that know the Xs and Os but do they fit the IU culture?  Do they have the thick skin and confidence that will allow them the resist the unique pressure at IU?  sit tight folks this is going to work out.  It is just going to take some time.
Last thought on Brad Stevens.  IF he agreed to come before Archie was fired and then changed his mind, I think he blew any chance to ever get the IU job.  Relationships are built on trust and that is gone.  IF the rumors are true.
I now return you to the debate over the arrival of our next savior.

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

I guess I don’t get why everyone is so negative about Matta?! If he’s fully healthy he’s a top coach, and there’s no denying that. Just finding it really annoying fans dismiss almost any coach because it’s not up to “their” standards! Howard to Michigan was laughed at and look at them this season?! Matta at least ha experience and made runs in the tournament! 
IU basketball is a dream job, but most established top coaches won’t leave their current job unless we get lucky! I wanted Stevens just as much as anyone, but some of you are unreasonable!!! 

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.

After watching Arkansas - Texas Tech, I'd take either coach in a heartbeat just because they can get their players to play that hard.  Haven't seen that from the Hoosiers in quite some time.  Getting tired of hearing the coach say how hard we are playing when they don't pass the eye test.
Another thought.  Justin Smith sure makes me wonder if IU is where players go to die.  Smarts and ability and the coach spent three years trying to cram a square peg in a round hole instead of figuring out how to use that ability.  No wonder Smith had a "bad" attitude.