Basically, almost everything internally and externally has gone wrong.
1) Fickell had good assistants at Cincinnati, but they were too good - they were offered by ND to be their head coach and he brought Cincinnati's OC to be their OC (and ND undoubtedly pays their coordinators more than UW does). So, unlike some head coaching hires he wasn't able to bring his coordinators with him.
2) Fickell didn't hire good coordinators in Longo and Tressel. They brought in some position coaches that were bad hires (Bicknell), and some hires were too good (safety coach got poached by Miami, DL coach got poached by Michigan in lateral moves).
3) Chryst's last two recruiting classes were a half-hearted effort at best. He only brought in 6 OL total in his last three classes, only 3 DL, and the QBs in his last three classes (Cole Lacrue, Myles Burkett, Deacon Hill, and nobody in 2020) aren't on any P-4 teams if not even FBS. The talent cupboard was bare - not much was left to develop. They were already headed to this level before Fickell took over.
4) The starting QBs they brought in all three years have been injured. Most schools, if forced to play their backup QB, will struggle on offense.
5) We don't know how much they have in NIL - anything public is pure conjecture - but we do know that QBs are expensive, and because they've had to bring in QBs every year we don't know how much they have left after paying the QBs. We also know that they lost their star young CB Xavier Lucas to higher NIL at Miami.
(On that note, someone at Indiana ponied up $1.6M for Mendoza, the #4 ranked QB in the portal. Larry Ellison's sugar baby convinced him to pony up $10M for Underwood, the #1 QB recruit. Someone at UCLA ponied up $1.2M for Iamaleava, the #1 ranked QB in the portal. The Varsity Collective was only willing/able to pony up $750K for Edwards.)
5b) We also know that the Chancellor required the athletic department to "play by the book" with regards to NIL. Kids were required to be on campus before a dollar of NIL was paid.. Other schools were giving kids checks up front when they committed.