While the Iraqi military, with some help from Iran and the U.S., may be able to hold on to what is left within its purview, it's hard to see it reclaiming much territory without major foreign interventions. Which could easily backfire, both for Tehran and Washington, the only capitals which might be involved.
The current escalating sectarian violence between the Islamic State of Iraq and Syria (ISIS) and Iraqi forces and the unending civil war in Syria are now intertwined and neither can be resolved without the other, which requires a dramatic change in the political and military landscape in Syria and Iraq.
Neocons and elite media personalities who got everything wrong on Iraq now darken my TV screen telling me to ignore the invasion, the eight-year occupation, the lies about weapons of mass destruction, "mushroom clouds" becoming "smoking guns," the torture at Abu Ghraib prison and everything else, and pretend the war started with General David Petraeus's miraculous "surge" where everything was wonderful in Iraq until the "dove" Obama pulled the plug. It's a nice narrative if your goal is partisan advantage, but like so much else we've heard from policy elites regarding Iraq, it has nothing to do with reality.