On the infrared limit of the O(3) nonlinear $\sigma$-model at $\theta = \pi$

2D nonlinear sigma models with Hermitian symmetric target admit a theta-term, which couples the field theory to the topological charge of its instanton gas. At the special coupling theta = pi, by what is nowadays attributed to a coupling-constant anomaly of Lieb-Schultz-Mattis type, such models have a degenerate ground state. Yet, the details of their non-trivial infrared limit have remained open in general. Here we suggest that non-perturbative renormalization group flow into the strong-coupling regime induces strong fluctuations of the theta-parameter, with the consequence that the instanton density is suppressed, the target-space topology effectively altered, and the target-space metric driven off reality and into geometrostasis. Assuming this heuristic scenario and combining it with a Cauchy process of target-space deformation, we present a detailed argument that the O(3) nonlinear sigma model at theta = pi, known to be the effective field theory for critical antiferromagnetic quantum spin chains with large half-integer spin, renormalizes to the conformal field theory of a U(1) boson compactified at a special radius with SU(2) symmetry. A closely related scenario applies to Pruisken's nonlinear sigma model for the integer quantum Hall transition.