I know where this is going to go, narratively it's pretty common. I can almost guarantee that at some point it's going to be revealed that Ibara-san liked him before he got his first love crushed and despite her S tendencies, she's earnestly trying to help him with Amakawa because she wants to see him smile again. There is a part of me that kinda wishes this would end in tragedy where Ibara's Sadistic treatment actually drives him over the edge and he either offs himself of just flees to an entirely different part of the country and the twists are only revealed posthumously when it no longer matters. Chapter three has a specific tone shift from 1 and 2 that makes the fuwa fuwa vibes much more likely. Also Ibara specifically tells Atobe not to look down as much. She's trying to pull him out of his depressive attitude.
I'm still going to read despite knowing there this is probably going because I like the bubbly art style and it's balancing the horny, wholesome, funny and sadistic elements really well.