Jeremy strongly believes that the party should be answerable above all to the party members. He is not remaining in power for his own benefit, but to ensure that the voice of the people is heard. If the PLP want to get rid of them, it is incumbent on them to prove that they have the backing of the party. This is not an easy position to hold, and they are trying to break him. He is showing a huge amount of courage in standing up to them, and he is not doing it for his own ends, but because he believes he owes it to the party.
A lot of people say that the PLP has a larger mandate from the people, not the party, but a huge percentage of voters do not care who their mp is, they only vote for the party brand. If they stood as independents against an alternative labour candidate, it would be the labour candidate who would win. Even Eagle does not have the support of her own constituency party.
If Corbyn stands down, not only will Labour not be able to replace him with anyone better, it is my prediction that large numbers of Northern towns will swing over to UKIP seats next election. If he remains, he may well fail to capture any new voters, but he is more likely to hang on to the ones he has. We all live in our own little bubbles, but I do not know a single labour voter who will not be casting their vote elsewhere if the coup is successful.
Having lost Scotland and engaged in months of petty backstabbing, the Labour party has little hope of winning the next election no matter who is leader. Given that their next best option is a woman who came third in the deputy elections, you might think that the PLP should come together behind their leader and actually give him a fighting chance. If George Bush Junior could run the U.S. with a team behind him, I'm pretty certain Jeremy could run the U.K. (or England, or whatever is left by then).