It depends. Sky would still show the Premier League, deals signed up to for next season already I believe, there'd be a transition of sorts but if they banned all player trading with the breakaway clubs that'd be another nail in the coffin for it. We also have a relative 'sugar daddy' owner so would be insulated a bit, plus FFP would be binned off.
Overall it'd be a massively good thing for us, and for football. It'd reset the game completely, which is badly needed - an unoffial 'salary cap' scenario.