Look, the whole thing with the competition 'not getting a lot of attention' is making a mountain out of a molehill. Some big names showed out to submit, and I really do believe that others (like myself) would have submitted is lower difficulties were included. Sure, it had a slow start, but there was a good amount of submissions by the end. I wouldn't call it a complete failure like you're implying; If you want bigger turnouts, you've just gotta make some adjustments going into the future. It's nothing worth blowing the site to Hell and gone over.
Disregarding that, there's still ample activity in the forums and uploads every other week or so. If you really want to see what a 'dead site' looks like, pop over to Maidens of the Kaleidoscope. The difference between there and here is palpable. The community would really be losing something special if the site were to shut down, as this is the last remote for Touhou forums. All you would really have left are fragmented communities and the God-forsaken Reddit page, which is literally just people posting soft-core porn.
I'm understanding if part of your consideration is due to resources (both time and money) getting tight. I don't think any of us here are going to force a gun to your head for being too broke and/or busy to run the site. But the angle of 'nobody cares about events and therefore the site' comes off as a very strange to me, especially when improvements can be made in the future. When the site eventually kicks the bucket, it should do so with a bang, not a whimper.
