I think the media has overblown the situation, as usual. The headlines shouldn't be that Ranieri has been sacked after winning the title, but rather, Ranieri has been sacked after dragging the champions into a very real relegation battle.
And let's be honest, last year's achievement was incredible, but it was a one-off and was never going to happen again. Leicester had all the media on their side, and in turn the likes of Huth, Morgan and Vardy were getting away with just about anything on the field. Let's also not forget that Leicester beat Arsenal and Spurs, the two perennial chokers, to the top of the table. City and Utd finished 15 points off the pace, the gap to Liverpool was 21 points and Chelsea were a whopping 31 points behind. You know your luck is in when Utd, City and Chelsea all capitulate.
It was a freak season and it's no coincidence that Leicester were in a relegation battle the year before, and have now returned to that position. Ranieri will always be remembered in Leicester folklore, and rightly so, but as Leeds and Blackburn have shown, you can't ride that wave forever.