The curious aspect is that McCoist himself did not act sooner when it was inevitable that his earnings, coupled with the Ibrox club's mounting losses, would look so bad.
The amount Rangers are prepared to pay their manager is up to them. It is not really anyone else's business except for the shareholders and supporters whose money pays the bills. But it must have been deeply awkward for McCoist as he faced scrutiny, criticism and questions about coining it in while the club, his club, has been haemorrhaging money left, right and centre.
He is in the process of agreeing a pay cut that will reduce his income to somewhere around £400,000 a year. It is worth recognising there is nothing easier than detached mouthing off about how someone else should take a pay cut. That is all very easy for the rest of us to say. But the perception is out there that McCoist's reduction is happening only because of the predictable furore created by the publication of the club's accounts. Rightly or wrongly, it has come across that he is taking a cut because it would look so awful if he did not. The level of pay he has enjoyed under this profligate Ibrox regime means when the controversy boiled over last week he was bracketed along with the men who had been writing their own cheques: Charles Green, Brian Stockbridge and Imran Ahmad.
McCoist spoke a couple of months ago about being prepared to take a cut if asked to do so by the board, and over the weekend he said that negotiations to do so had been ongoing for quite some time, certainly since long before the accounts were released last Tuesday. Yesterday he admitted to realising how it looked for him to be pocketing so much cash in a period when some financial experts say Rangers are on course to run out of money in the middle of next season. "It is very important that I do feel comfortable with my own salary and I can have a wee look in the mirror," he said. Right now he was "not that comfortable with it". Further, "the vast majority of supporters are finding it difficult to comprehend the wages of the top superstars and top managers and I can understand that. It still won't satisfy a lot of people."
Rangers were a top-flight club when they decided to pay him as much as they have. He said he signed the contract put in front of him by former chief executive Martin Bain in 2011 with barely the merest look at it. Wouldn't we all? Even a cursory glance at the annual remuneration would confirm that anyone in their right mind would have instantly signed that deal in case Rangers came to their senses and scaled it down. It is not McCoist's fault he was given so much in his first managerial job and any view that as "a Rangers man" he should not have accepted so much is detached from reality.
What was already an incredible salary for a first-time manager in Scotland - would he not have accepted £400,000 if Rangers had offered it? - became utterly unjustifiable when he was suddenly working in the third division. But it seems that at no point did the club tap McCoist on the shoulder and suggest that he take a cut post-liquidation. Why would they, when executive directors were creaming so much money off for themselves?
The underlying issue is that an entirely new boardroom regime has been faithful to Sir David Murray's ruinous adherence to ostentatious spending. Far too often Rangers have regarded flexing financial muscle as more impressive than trying to drive a hard bargain, as if propelled by a need to relentlessly confirm and flaunt their wealth and power. Something of that old Murray line about spending £10 for every £5 at Celtic seems still to prevail when Rangers go about their business. They committed to £7.8m in players' annual salaries after liquidation, when a few of their first-team squad could walk the length of Sauchiehall Street and get barely a second look.
The real scandal confirmed by the newco's first audited accounts was the staggering level of directorial salaries, and especially bonuses at Ibrox. It has been a prolonged and disgraceful example of snouts in the trough and greed on an industrial scale. Green had the gall to say McCoist had the worst Rangers team ever while shamelessly pocketing a £360,000 bonus when those players won the league. It is not difficult to imagine Green, Ahmad and Stockbridge chuckling as they milked Rangers and concocted new ways to be good to themselves.
McCoist's willingness to take a massive reduction shows he knows how all this looks. It's just surprising that he didn't do it sooner, before his earnings got wrapped up in the wider toxicity of a club with an attitude to money akin to keeping all the lights on and the taps running.