Depends on what the buyout is in Ricks contract. Knowing now that UL athletics was actually close to broke and stealing money from the Foundation to appear otherwise, it seems Jurich was likely stuck - he couldn't afford to fire Rick but was hoping he would do the right thing and resign. He probably knew that not firing Rick was going to mean much tougher sanctions for the university, but he literally did not have the money to make him go away.
It's all quite delicious, really. Jurich's chickens have finally come home to roost. I for one could not be happier. Cheaters never prosper.