Before Hansen's crossing, the Lakers dared to appoint J.J. Redick as the head coach directly because the Warriors had already done so before them.
Cole's resume before this was quite impressive; as a player, he achieved a three-peat with Jordan and later won two rings with the Spurs—five championships in hand. After retiring, he thrived as a TNT commentator and even squeezed in three years as the general manager for the Phoenix Suns, but he had no coaching experience.
Moreover, by comparing with Mike Malone's contract, it was evident that Cole's contract was not small either.
The characteristic of this type of head coach is not tactical detail, but rather tactical philosophy.
That's why they usually surround themselves with a highly capable assistant coach—for instance, when the Warriors hired Cole, they also brought in Alvin Gentry as the chief assistant coach.