Claudio Ranieri looks set to be the latest coach to be swiftly moved on by the club's owners after a 3-0 loss to Norwich left him with just two wins in 14 games.
That run of form now sees the Hornets second from bottom, with the spark of hiring Premier League-winning coach Ranieri to replace sacked boss Xisco in early October ultimately failing to materialise.
It's a perilous situation for Watford, with relegation rivals Newcastle set to sign new players, Burnley having games in hand, and Norwich looking improved.
Ranieri looks set to pay for their poor form, with talkSPORT understanding his replacement is being searched for, and former Premier League boss Warnock joked he wouldn't mind having a crack at keeping them up.
"Yeah, I would like any job," laughed the veteran coach, who left Middlesbrough in November.
"Everybody wants the Watford job because you just get such a big pay-off after three months!"
Speaking more seriously about the club's owners, the Pozzo family, chopping and changing bosses with 15 permanent managers in the last 10 years, Warnock insisted events weren't unpredictable.
"That's what they do," he said.
"They have come up trumps a few times but you can't keep going off like that without hitting the buffers every now and again. They have hit the buffers this time.
"I didn't see Claudio coming back, if I'm honest and I don't see him him surviving now either. I look at his interview and his body language and everything and I think he knows the writing is on the wall there, but who do they bring in?
"They haven't got a bad squad, you know. It's probably one of the best squads in that bottom group. It's just that when things start going wrong you, you look at it and, to me, there didn't look like there was any team spirit there on Saturday
"I know Norwich got three goals but I just thought they looked a team. Dean [Smith] looked like he had got the lads believing.
"They look like a group of individuals, Watford."
Empoli 
Udinese 
CSKA Moscow 
Rubin 
Slovan Bratislava 
AC Milan 
Sparta Praha 
Atletico Madrid 
Valencia 
Barcelona 
Stade Brestois 29 
Bayer Leverkusen 
Red Bull Salzburg 
Bayern Munich 
Paris Saint Germain 
Inter 
RB Leipzig 
Manchester City 
Feyenoord 
Sporting CP 
Arsenal 
FC Rostov 
Spartak Moscow 
Aston Villa 
Juventus 
Celtic 
Club Brugge 
Dinamo Zagreb 
Borussia Dortmund 
Liverpool 
Real Madrid 
Monaco 
Benfica 
PSV 
Shakhtar Donetsk 
Lokomotiv Moscow 
Dinamo Moscow 
Anderlecht 
FC Porto 
AZ Alkmaar 
Galatasaray 
Dynamo Kyiv 
Viktoria Plzen 
Lazio 
Ludogorets 
Qarabag 
Lyon 
FC Heidenheim 
Chelsea 
FC Midtjylland 
Eintracht Frankfurt 
Manchester Utd 
Bodo/Glimt 
Nice 
Rangers 
Real Sociedad 
Ajax 
Tottenham 
Roma