I cannot comment on the specific bonus offered. 1/6th royalty is 16,6667% so very close to your old lease. In general, lease bonus offers have been lower this year. Personally, I would not do a five year lease, only a three year at the most. It ties up your acreage for too long.
I always ask what they are offering for 3/16ths, 1/5 or 1/4. Probably not going to get anything for the higher two, but the last lease filed in that township was in 2018 at 3/16ths.
You can do nothing and wait and see if offers improve. There isn’t really anything going on there now. You can take the offer at lower years. Be aware that the draft lease they offer is all in their favor, so getting an attorney to review the lease could get you better terms.