I think Rolston is terrible enough that keeping him may be a detriment to the development of the young players. Maybe not, but whatever individual improvements they may get from Rolston's teaching may also come from any other coach. Whatever improvement they do see may be offset by the miserable losing mentality that can/will set in after 1-2 years and ~115~ losses.
I think in another situation Regier would fully consider, or be pressured into, firing Rolston after much more of this. Because they are already in tank mode, and more importantly because of the McDavid carrot in 2015, I think the whole front office decides to keep Rolston for at least this season and next. I think the decent chance of landing McDavid will skew the thought process and give Rolston more time.
I've generally been happy with Regier as a GM, but once the 2015 draft is over the coaching decision will be my litmus test for whether he should be replaced as well.