Keep it, make a new top and back and use the "quilt" as batting. That way you still have it, but have it secretly hidden for all of eternity and only you know!
I am using a quilt right now that our daughter in law gave us for Christmas one year. I do not have the heart to toss it because it has been very much used. I have a new top made, have the backing and have some batting and will put it all together and make one big quilt. I saved it, I am still using it and the thoughtfulness of our daughter in law will always be a part of a quilt. Very simple, very easy. Edie