Speaker protection is a quite complex subject. As JR mentioned, there is no easy answer.
There are indeed two major failure causes: overexcursion and thermal
For TMI:
The difficulty with thermal protection is that the voice-coil temperature evolves according to four different time-constants, one for the thermal path between voice-coil and pole pieces, the second between pole pieces and chassis, the third between chassis and inside the box, the 4th one for the path between inside the box and outside. The two latter are very long (minutes and hours), so are difficult to model with common analog methods. And there is an unknown, the ambient temperature. In order to provide correct simulation, a temp probe is requested. Some digital processors actually provide an accurate temperature simulation.Now, what does the processor do with this information? Does it shut the system when max temp is attained? I don't think it's acceptable for PA. So there are different takes on the subject, with various actions when approaching max temperature.
Of course this is meant to protect the voice-coil, but actually there are some elements that suffer from excessive temp, such as glue, magnets and the small portions of wire that connect the voice-coil, which often act as fuse.
Now, regarding over-excursion, there are different approaches from different manufacturers. Except some very crude designs using simple level limiting (actually what the Drive rack does), most use some kind of modelling excursion vs. signal and reduce signal when a limit is reached (or approached).
The big issue there is that the X vs. signal transfer function varies with temperature and humidity, and age of teh speaker components, so actually, implementing a very accurate simulation is useless because the main parameters vary significantly between the start of the show and its end. It takes a lot of experimentation to predict how these parameters change and how to include these variations in a "one size fits all" protection scheme.
Some designers have worked on temperature probes inside the speakers and accelerometers on the diaphragms, but these solutions are only suited for powered boxes, and actually have not given much better results.
In addition to that, multiway speakers would require to have selective processing in order to support the different drivers.
To resume: Not only a complex subject, but it shows that it's almost impossible to provide protection for all the failure modes.
Speaker protection has been the subject of the last 15 years of my professional career. I designed the protection schemes that are used in Linea Research and Powersoft amps. I can't claim they are 100% foolproof, but I think they do a pretty good job. Of course, the best speaker protection system is defeated if the user makes a silly mistake, such as selecting the wrong preset...