Howe is completely unproven at this level and doesn't have the best of reputations as a manager, a much less reliable option than Bobby was when he took over. To me the Watford manager might be a better bet (certainly less of a balloon than Howe) as he's had more experience in more places though he's got a chequered history of it not working out in a quite few places now.
We can't afford Pellegrini, and don't come all 'TV money' at me as with the extra money we probably could only just afford his wages as they are now, not when double/triple when everyone else gets the increase in money as well.
We're best off with Bobby, get a good solid defensive coach in and get it sorted.