My thoughts as a Spurs supporter: give him a life long contract.
What really needs to be done: He's got to go and you are right he will not step down. He is not the only one that needs to go, they need to clean house. He has assembled a squad with no spine, fight or will. There was a time when you were winning nothing but playing sexy football. Now, you are getting less points and the performances are subpar as well. if i was the owner, I'd move mountains to get Diego Simeone. He may not have his teams play the most attractive stuff, but he will make sure they play for him and the shirt. Arsenal really need a new backline, goalie and defensive mid -- amongst them there needs to be a leader or two, and a natural winner.
At the end of the day, Arsene Wenger, I want you to stay.
A serious change is needed!