Were ASW to close completely and vacate NQY then I would imagine that Flybe might look to introduce some sort of flights to MAN to connect with their other services to BHD, GLA, EDI, INV, IOM etc, or perhaps they'd consider routing some of the LGW services via EXT to connect and replace the ASW PLH connection.
Who knows, but ASW aren't a particularly attractive prospect for buyers just now given the recent losses.
I think 'wakeup' has the most likely solution in Blue Islands....