The most sensible option is to do the bare minimum acceptable work and use all the leftover energy to find some other place, as the clock is ticking. Depending on the company, you have until the next quarter or the next performance review. Or the next headcount reduction.

Satisfactory: fulfilling expectations or needs. But not in Corporate Nu-Speak.

Given the will you can find an excuse to put anyone on a PIP.

Of course it is. As I was telling coworkers this morning, any time I've had a direct on a PIP it's to do the hoop-jumping paperwork to satisfy HR. I've already decided I don't want that person on my team. And to be fair, that's because I've already tried "performance improvement" (regular 1:1s, goal setting, the like), and concluded that more of it isn't going to turn a bad fit into a good one.

So, yeah, if you find yourself on a PIP best start polishing that resume, because you're not long for that company no matter what HR tells you.