I don't know if Frank Lampard will be really good for Chelsea, but maybe this is just the first step to take Chelsea in a good direction while contacting some of the best managers. This is a second chance for Frank Lampard which he should be able to take advantage of, he has a good job to bring the team to good performance, this is an opportunity because Chelsea are not in a good position.
Even if Lampard doesn't make it, this means he'll only get that short-term termination, but I think he'll stay until the end of the season. There is a chance that Lampard will stay if in fact Chelsea can get in good form for the rest of the season.
Frank Lampard wasn't so bad in his first time as Chelsea manager, probably with the available players now and the quality of the squad their is a better probability of doing better with this second chance. The objective for the remainder of the season will be to make European football and if he can turn the situation around till the end of the season their is tendency of getting a new deal at the end of the season.
Lampard received a very tough task given by Todd Boehly, at a time when the club was in a slump and had to try to develop as much as possible until the end of the season. At least Lampard puts Chelsea in the top 8 or at least the top 10. Because if the results are bad he doesn't have another chance to be extended. Todd Boehly is still in contact with several coaches which means making options early if at any time Lampard is unable to satisfy Todd Boehly.