They have no choice. The Democrats are cleaning them out with the black and hispanic votes. Not to mention the female vote*
As the voting populace gets younger and more accepting of change, the GOP has to adapt or it will become irrelevant.
*saw a tweet saying 'you know you have a problem when you say "the Republican rape guy lost" and still get asked "which Republican rape guy?"'
Well then they will need to split.
The Republican party as we know it is one whose time has gone. It has little appeal to the youth and even less to the black/latino/hispanic community.
If it wants to remain a bastion of verkramptes then it may as well saddle up and ride off into the sunset.
I think there is an opportunity for a 3rd party. Perhaps lead by a moderate like Bloomberg (who has the money).Yeah, according to CNN's exit poll stats the Republican Party does not appeal to the younger generation. And I highly doubt the youth of today - which was overwhelmingly Obama - will change their voting patterns much. The GOP is going to have to tone it down to become relevant. They may still hold sway over the Bible Belt, but in the more progressive - and important areas as per electorate - they will fall behind by some margin.
Who knows, maybe the slow death of the GOP may spark interest in the others. For the life of me I don't know why the Libertarian Party is overlooked. They're as close to middle ground as you can get in the States.