Step 1: Substitute a variable.
Let
\[
x=\cot\theta
\]
Then the expression becomes
\[
2x^2-x-3
\]
Step 2: Split the middle term.
We need two numbers whose product is
\[
2\times(-3)=-6
\]
and whose sum is
\[
-1
\]
The required numbers are
\[
-3 \quad \text{and} \quad 2
\]
Therefore,
\[
2x^2-x-3
=
2x^2+2x-3x-3
\]
Step 3: Factor by grouping.
\[
=
2x(x+1)-3(x+1)
\]
\[
=
(x+1)(2x-3)
\]
Substituting back \(x=\cot\theta\),
\[
=
(\cot\theta+1)(2\cot\theta-3)
\]
Step 4: Verification.
Expanding,
\[
(2\cot\theta-3)(\cot\theta+1)
\]
\[
=
2\cot^2\theta+2\cot\theta
-3\cot\theta-3
\]
\[
=
2\cot^2\theta-\cot\theta-3
\]
which matches the given expression.
Step 5: Final conclusion.
Hence,
\[
\boxed{(2\cot\theta-3)(\cot\theta+1)}
\]
Therefore, the correct option is
\[
\boxed{(1)\ (2\cot\theta-3)(\cot\theta+1)}
\]