You know ISIS may be THE deal. THE group that comes to control the whole region. Obammy is basically saying... ISIS can have what they want except killing christians (before an election) and attacking Americans (before an election).
In one sense, the ISIS phenomenon may be a strategic blessing in disguise (tho our hearts go out to those suffering now). The most-committed enemy is coming out of the shadows and holding territory. We know where to find him and smash him when the time comes (not until O is gone).