More than anything else, Blodget's plan would be an admission of defeat. All of his ideas destroy brand value and the iconic New York Times franchise: the really smart thing to do would be to build that up instead. Is that possible as a publicly-listed company? Maybe not: and if it's not, then the Sulzbergers should find a way to go private, or non-profit, or something along those lines. But a slash-and-burn approach where you fire your most important reporters for lack of "productivity" and make it as hard as possible for your most loyal and valuable readers to read your content? That's just idiotic.
I'm with Felix.
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