Star's poor ratings will catch up wtih them -- eventually. They probably still bill well (in terms of market ranking) for the time being.
The right move depends on Lincoln Financial's long-term strategy for the station. When the credit environment improves, it would not surprise me to see LF sell the station to someone such as CBS. If that's their intent, they will likely will let things ride for now.
If, on the other hand, LF gives a rat's ass about Star's long-term potential and plan on holding onto the station, they better act.
Star 94's ratings woes resemble 96Rock and 99X during the last several years of those stations' respective lives. They will be able to tread water for awhile, but not forever.