Higher education is my family business, so to speak, and I have a lot to say on the topic but I will hold off for now.
First of all, any seminary that is bleeding money, badly in the red, needs to close. Schools, like anything manmade, have finite lifetimes. I don't know if any institution falls in that category, but it was mentioned that Chicago and Philadelphia are on the watch list so that may mean the end of those schools.
For the schools that are left, any one not breaking even needs restructuring. The particulars will be different in each circumstance, but it may mean anything from the seminary folding into a nearby university and becoming a "school" within said school; it could mean a merger with a nearby seminary with one campus closing, or it could mean that the seminary actually expands its offerings if able to do so profitably.
Next, all schools - regardless of financial situation - need to have a serious period of housekeeping and reflection as to the best way forward. To give an example, my undergraduate department had twenty-four professors on the payroll, yet only ten actually taught a class that semester because of the various academic leaves, research projects, etc. That department was given the decision to either let professors go or to face cancellation of its programs altogether. It was a difficult process, especially since all the professors were well liked and appreciated, but the department emerged much stronger and the classes much more applicable to the real world. Colleges by nature attract charismatic, influential people; and this clouds rational decision making in many ways. There simply isn't enough Lutherans and Lutheran money out there to allow escapism into academial ideals.
After those steps would be taken, I would not be surprised if the ELCA only had three or four seminaries left - but those seminaries would be revitalized and ready for the challenges of today's ministry and not the 1950's.
In any situation, I have long felt that the seminaries may best be managed by merging them into one institution with multiple campuses, a la the state university system in many states. A balance of independence and identity while coming under one governance and financial umbrella. Considering that the seminaries are an expression of the church, too, and they should have to adapt to the times the same as the local congregation.