Given that $TQ$ is an angle bisector, the question asks whether the length of $ST$ is equal to $SQ$ or $(SR+SQ)/2$?
I was able to use the tangent secant theorem ($ST*ST=SR*SP$). However, I couldn't make much use of the fact that $TQ$ is an angle bisector. Please guide if/when free.
Try 1: I assumed $ST$ equal to $SQ$ and found that I need to show that $RQ*SQ=SR*QP$, or that $RQ/QP=SR/SQ=TR/TP=SR/TS$, but I couldn't prove any ratio equal to any other.
Try 2: I assumed $ST$ equal to $(SR+SQ)/2$ and found that I need to show that $RQ*RQ=4*SR*QP$, which seems incorrect to me, so I concluded that $ST$ is probably equal to $SQ$ instead of the other option.
Please help if/when free.

The point to note is that $\angle STR = \angle P$. This is in fact one of the approaches to prove tangent-secant theorem (by showing $\triangle SPT \sim \triangle STR$).
Now to show that $\angle STR = \angle P$,
$\angle TOR = 2 \angle P \ $ ($O$ is the circumcenter)
$ \implies \angle OTR = \cfrac{180^0 - 2 \angle P}{2} = 90^0 - \angle P \ $
As $\angle OTS = 90^0, \angle STR = \angle P$
That leads to $\angle STQ = \angle P + \cfrac{\angle T }{ 2}$
You also know, $\angle SQT = \angle P + \cfrac {\angle T }{ 2} $
That should lead you to the right answer.