It is not a reach of any kind to say that Trump's actions regarding the Russia situation strongly suggests he has something to hide. If the reports are true that Comey documented incidences where Trump actually tried to convince him to end the investigation I don't see how that's not damning. Maybe Trump was directly involved, maybe he wasn't. But he seems nervous about something, and that something seems to involve what Michael Flynn knows.
I think that right now the mainstream media is mostly sticking to the facts (which as I've pointed out recently is all they need to damn Trump). It's the Right that is building a narrative that looks increasingly nonsensical and ridiculous to assert.
So that's my take. Did Trump collude with the Russians? Maybe, maybe not; let's see what the investigation shows; certainly he has said and done enough to warrant the consideration, to the extent that it would be irresponsible for the media to not cover developments related to it (the rightwing media's tactic of ignoring the relevance of these developments in favor of spin is even more socially irresponsible than ignoring it outright would be). And it's really not their fault that new developments are coming out multiple times a day.
As an aside, in yet another amusing parallel to Watergate, Nixon also referred to the investigation against him as a witch hunt.