The pragmatic stance would be to "agree" to russia retaining it's black sea access and military installations because they are not going to let those go without a fight, period.
As for NATO? well it's certainly not the force it was once that's for sure.
Personally from a nationalistic stance, until Typhoon gets Meteor they are outclassed by the Russian Air Force, best we keep well clear until then. As for the USAF the same, once their f22 are shot out then they will die, period, then what?
No, the way forwards would be to "accept" that Russian has/needs the black sea access. Work it from there.
But I doubt that the current generation of western politicians have the ability to think BIG, only soundbites count these days....