If there is a God...
To my understanding, the reason it can be potentially disastrous is the WBD is being split into two companie, shit that makes them money, and shit that don't. The idea being the "shit that don't" part gets sold or foreclosed on while the profitable side remains unscathed. If AEW ends up on the unprofitable side, it's fucked.
It's TV deal would be worthless and that's the only thing generating real revenue. Their toy line is on life support if not dead and we just don't know it yet, their game is dead, their ticket sales are abysmal, the ratings only get lower every year, etc. Every independently verifiable metric of business is looking bad and the costs to run the promotion are only going up.
AEW not now, nor ever, has been profitable. The thing keeping the doors open is Shad covering the difference between their operation costs and their TV deal money. But with no TV deal, or at least a worthless one, there's no point in continuing.