As much as I like Heather Thom, I don't see a reason for Katie to be on the canvas full-time. There's really nothing for her to do, and I think the writers just keep putting her with Bill because they don't know what else to do. But, Bill has always been more interesting without Katie. Also, I don't see the need for Shauna and Flo, either. The money in the budget for these characters could be used to bring in some fresh new characters. I often thought that Felicia would be a good match for Bill.
They have nothing to replace it with LOL. They could get even worse results ... but yeah The Talk feels dead to me. It has for a while. They tried salvaging it with male co-hosts. The idea wasn't bad but the audience just isn't there.
I know people appreciated the anti-View aspect of The Talk but fluff and constantly losing co-hosts doesn't get you viewers. I thought it was a stupid idea way back when it replaced ATWT. And it's gotten further from it's original idea.