I would opt for "something else".
What that something else is would require a lot of humility on Pete's part. But, similar to how Holmgren was at his best after relinquishing his front office role, Pete might be better served relinquishing the Executive Vice President title. It is hubris for him to think he knows more about personnel then men who have done it for a living; a career personnel man like Schneider should not have to defer to Pete on player acquisition.
Pete should become more like Saban - set the standard, culture, attitude and belief (things that Pete is great at). Hire great assistants and let them do their job. Be humble, and defer the defense to someone like Fangio, Zimmer, Flores or Phillips. Appease Russ with a proven quality OC of Russ's approval and let them handle the offense without you.
Fire all signs of nepotism.
Hire Doug and Kam as special consultants if they're interested. You want people in the building who bleed the colours, as most coaches and personnel people are mercenaries who don't necessarily care what team they are working for and what city it is.