Can’t see it going ahead, looks like that’s all they’ll have, they’ll be kicked out of all other leagues and competitions.
Edit to add, just listened to ITV news where it’s reported that this will absolutely go ahead, the clubs involved expected this reaction and don’t care. There already preparing legal action if leagues try to exclude them.
The big problem is that their players won’t be able to play for their national teams, where does that leave England in particular? A lot of the current team come from those three clubs.