The rugby creditors must now be getting worried. No investment sorted, means no payment. If Wasps have to start at the bottom, then they don't have to pay those creditors, which makes getting much smaller investment far easier. For very little money, they could start afresh as Henley Wasps. The RFU then see that their Phoenix rules aren't worth the paper they are printed on. Combining:
1. Play at your old stadium (there, or thereabouts).
2. Pay all rugby creditors.
3. Must rejoin one league lower at the start of next season.
All these have major failings and are unlikely to be possible. The rich clubs will not agree to change any of these rules.
Having backed themselves into this corner, the RFU will now oversee the slow death of the PRL, and the game with it.
I do not see Wasps being able to do anything other than start again. If those few still working towards keeping the professional brand alive are doing anything, it should be to recruit based on starting next year at the bottom (Counties 4 Midlands West (South)), and working from there. It's a long way back to the Championship. 8 years on winning each level. They will have lost all their current fans by then. Between a rock and a hard place. Can't see either course working out. They need a sugar daddy, like Jim Ratcliffe (who has just spent more on not winning his bid for Man Utd than Wasps would need to cover the next few seasons in total). But they do not have a sugar daddy, and can't find one.