Players on the PGA Tour have turned down so much money. Between Tiger, Rory and Matsuyama it's the best part of $2bn alone in guaranteed prize money / sign on bonuses. All that money given up for the idea of legacy, only for your CEO to stab you in the back anyway and take the money himself when they could have had both.
There's a reason none of the big players that stayed on the PGA Tour have commented on it yet, they're livid. I don't see how Jay's position will be tenable whatever happens, whether that's it not going through or at the branded new tour. The players won't want him.
I expect the new tour will be some sort of World Tour taking the Rolex events from the European Tour and the elevated events from the PGA Tour. I think LIV will remain but probably rebranded under a similar banner as the team events. If it all goes through, of course. Ultimately those of us that watch golf, watch it to see the players, not the CEOs, so it really does depend what they do.