I'm surprised Holloway isn't mentioned in all of this. He got 39 points with a Blackpool team that cost essentially nothing, and had a wage cap of 10k I seem to remember. They were by far and away the poorest monetary team in the league yet still got a points total that would keep them up 9 times out of 10. All whilst playing very exciting football.
If they'd had more money and been able to spend a bit on the defence they would have been fine. Likewise this season they lost their 3 best players and had to rely on free transfers, and are once again over achieving.
That said, if Hodgson is available he's by far the best choice. But Holloway mixes experience with potential. All he needs is a chance to prove himself at a team with more resources.