Have to wonder if the close working relationship with Crocker, and Semmens will be be a factor here, and the trust they've shown in him despite a run of poor results (far beyond five games Smith has lost). From what I read (may or may not have been true of course) the Koeman- Reed relationship wasn't on sound footing.
Strange though how after three wins in the last four games Ralph's stock is high again and he's linked to another job, didn't seem to be linked anywhere towards the end of last season.