The Mirror seems incapable of successfully and consistently producing The Sun's successful mix of news and celebrity, but even if it could, it might still be in trouble - the paper's huge north of England readership has different sensibilities from The Sun.
Last week I wrote that Trinity had hired headhunters to find Morgan's successor. I am assured this is not the case. But criticisms of the lengthy selection process are legion.
"The handling of the appointment of a new editor is a ridiculous, unbelievable situation," says one disillusioned senior executive. "Editors, deputies and Uncle Tom Cobleighs are trooping in for interviews, while the paper is left on autopilot."
The consequences of that are clear to see: the paper is no longer known for a distinctive political line and some days it looks as if it is merely chasing the Star downmarket. On other days it thinks it's The Guardian: the D-Day coverage included a headline in French!
In many ways it is already missing Morgan because, as my Mirror mole puts it, "he was the Sun King and, for better or worse, it all revolved round him". As a result, the paper's cadre of senior editorial executives was run down under Morgan.
This is a newspaper which once boasted Kelvin Mackenzie, David Montgomery and Charlie Wilson. There is no senior staff of equivalent weight today.
Yet, for all that, and the continuing collapse in sales of the Mirror's two Sunday red-top sisters, Trinity shares continue to rise. They have even risen 50p since Morgan's departure.
Does the City know something we don't? "The markets smell a sell-off of Trinity's national titles," says my media man in the Square Mile. It's been predicted (wrongly) before. Maybe this time it's right.
