So what now? how does Steven Ross decide to salvage the situation and clean the egg off his face?

Let us contemplate

a. He hires someone Dynamic to be the Offensive Coordinator and says "I figured that the offense is the main problem." (check previous post for my suggestion on who should become the offensive mind.)

b. He jumps off a bridge, (dont do it Ross)

c. He apologizes to Sparano and gives him an extension. Hell at least its an attempt to cover up the fact that you couldn't close the deal. 

d. He fires Ireland,,,,mmmmm thats interesting, let us analyze this further.

I believe that Steven Ross is listening to someone and that someone is not Jeff Ireland. I will not, can not believe that Ireland suggested replacing Sparano for Harbaugh, NO WAY!! Then who advised Ross that this was a good idea, putting your reputation on the line and pinning two men against each other? Mr. Peterson did; Mr Peterson figured that the only way to placate the fan base was to hire the popular act, his first  decision as Football Czar. Mr. Peterson identified a good coach and said it would sell; that is only sound advise if you close the deal. This leaves the Dolphins with only one REAL option if they are serious about selling there product, fire the man that everyone hates.

e. he does both A and D