If a DAL/NWA merger goes through, I see a bleak future for CVG. With MSP & DTW, Cincinnati becomes rather redundant.
I'm not entirely sure that Comair would be dead though. Comair is still the leanest DCI carrier.
I see four possibilities, one is the operation is shut down, two is spun off(sold/ipo),three is merged and four is status quo with fewer 50s and more 70/76 seaters.
Shutting it down doesn't make much sense to me since money can be made by selling it off. Maybe not much in it's present state, but nevertheless. On the other hand, the operation may be of greater value by trading in 50 seaters for MD90s for the mainline or parting off the airline and just keeping the ground handling. I don't think that will happen, but it is a possibility
Spinning off the airline in a sale or IPO is a real possibility. They could sell CMR "as is", or in order to maximize the value of the asset for sale they may start putting the lipstick on the pig. Ditch the 50 seaters and load up on the 70 and 76 seat aircraft. The 50s are done, the 70 and 76 seaters for the most part will be the future of RJ feed.
Merger is another possibility. I'm not too up on the Compass operation or NWA's relationship with its feed carriers, but a CMR merger with an existing NWA feed carrier might make sense. Getting rid of redundant management, and loading up the operation with 70/76 seat CRJs and EMB175s. The new operation could also fetch a healthy price if it were sold off.
Status quo, is also a possibility. It might just make more sense to keep it as a WO feeder and adjust the fleet mix. Fewer RJs but larger RJs. It is the simplest approach
Truly it is all speculative on my part, however I just don't see much value from shutting CMR down versus the other three options. JMHO