This thread has taken the same turn as most band threads do.
All I'll say is this. I think some of you have over-simplified the issue and then argue (over it) because there's no single answer that suffices. The issue is NOT just whether the academic credentials solely matter - they do and they don't. The issue is NOT solely compensation - while we'll all look at the 'bottom line' on the budget sheet. The issue is also NOT merely one of timing - organizational restructuring has been taking place since Myers arrived.
All of that to say this - having a PhD certainly satisfies the academic requirement for the position. It also assumes the leadership and structural skills are present. And most of the time, that's the case. Experience, track record and enthusiasm should be weighed heavily when considering candidates.
Personally, I don't know if the 'commonly mentioned' candidates have all of those qualities. I'm not on the committee, but if I was, I'd want the BEST candidate, period. The fact you marched in the Boom isn't carrying as much weight as some of you think it is...