Not surprisingly, CBS investors are not as impressed with those “operating income” and “free-cash flow” numbers, or, for that matter, the dividend, as CBS’s compensation committee apparently is. Here’s CBS compared to its peers:

All I can say is, thank goodness for Time Warner, a true disaster.

But listen, we’re talking about Couric and news budgets and all that. Officially, by the way, a CBS spokeswoman says no changes are planned:

We are very proud of the CBS Evening News, particularly our political coverage. And there are no plans for any changes regarding Katie or the broadcast.

Moonves gave Couric a vote of confidence of sorts last December, the LAT reported :

“I think our product’s as good as anyone’s,” Moonves said as recently as December, speaking at a media conference. He added about Couric: “I still believe in her. Hardest worker in town.”

See, but it just seems to us up here at the Columbia Journalism Review—and really, when’s the last time we rode around in a black Town Car making important strategic decisions about far-flung media properties? It’s been years, if ever—that the “product” that CBS Evening News produces is, like, um, news, you know, in the, ah, evening.

And—again, just blue-skying it here, L.M.; stay with me—that perhaps additional news reporters, or “producers,” or “product producers,” or whatever they’re called in TV—anyway, additional journalists—might actually produce a journalistic product that is, um, qualitatively of, ah, a higher, err…what’s the word?… quality, you know, product-wise, productivity-wise, as measured by focus groups, and, um, page-views, and “hits” and whatnot and so forth. But again, we don’t know high finance or any damned thing up here, let alone TV.

But let’s get down to brass tacks, L.M. Your spokeswoman won’t comment, but a person familiar with situation tells us that the so-called “newsgathering budget” for all of CBS News, including salaries, travel, camera people, technicians—not including 60 Minutes and 48 Hours, which have separate budgets, for some reason—is about $300 million. CBS News employs around 1,100 people, this person says.

But remember, those figures include the whole ball of wax. An increase in the news budget of $15 million, $10 million, or even $5 million is not a marginal number. It means more boots on the ground, more reach, more foreign-based reporting, more travel, and especially, more time—time for thought, for the extra calls, for investigations, and, importantly, time for stories to fall through if the facts don’t really support them, as they didn’t for a half-baked 60 Minutes piece on supposedly marauding hedge funds that were actually in the right .

All this, to me, makes the news more authoritative, credible, powerful, and relevant.

I understand, by the way, that Couric’s salary probably didn’t all come from the Evening News budget and that, indeed, the news budget probably grew to accommodate her pay and the revamping of the show.

But this is about emphasis: Spend less on the star system, less on gimmicks. Spend more on building up the newsroom.

Don’t like that idea? Okay, but Moonves’s anchor-focused strategy clearly didn’t work. I don’t mean to downplay the anchor’s job; it’s clearly important. Couric may not have seemed entirely comfortable in the role, but she’s obviously a big talent. It’s pretty clear that CBS’s biggest mistake was attempting to reinvent the evening news around her, as the Journal’s Rebecca Dana reported in the scoop that started all this:

When she started on the show in September 2006, Ms. Couric incorporated longer interviews, occasionally conducted in front of a fireplace, and chatty asides into the broadcast. For the first few days, curiosity drove more than 10 million viewers to tune in, but in the months that followed, Ms. Couric’s ratings plummeted to a low for the broadcast, bottoming out to around five million in the spring of 2007—well below the seven million viewers the show was drawing before Ms. Couric’s arrival.

Since then, the network has scaled back its ambitions drastically, returning to a traditional format. Ratings have ticked up modestly, but Ms. Couric’s show is still placing a distant third.

Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.