It would have to be done quickly. Even so, neither Wasps nor Worcester are likely to play again this season. But, if players signed only one year short terms deals, some could come back (one could argue that some would have been 'let go' anyway, and some would have chosen to move also, especially as in the case of Wasps 70% of the players had contracts expiring at the season end).
Interestingly, if other clubs do not NOW (i.e. before any decision is made) file for administration, they might not be so likely to be able to argue Covid as their causal factor.
I think this has legs. IF the RFU decide to let courts argue it, it would take years. Clearly, that cannot happen. Thus, some sort of special committee would have to hear the cases. If said committee were not to agree to invoke that clause, it would go to the Courts, with potential damages if the Court overturns the decision. Given its one off nature, one has to think the RFU would relent after an unreasonable delay (trying to use the delay to punish both Worcester and Wasps with regard to permanently losing staff and players). As we know, time is of the essence.
The reality is, Wasps free of all those debts, run on a shoestring but in the Premiership, might well be an attractive proposition.