One way or another, they can't expunge a season which has only a few games left to play. As indicated above, the financial consequences are colossal and although the sums involved in the lower leagues are smaller, so are the clubs' abilities to withstand a financial shock.
Of course, the numbers I quoted don't include any potential law suits from clubs denied promotion or forced into relegation. Even if these were ultimately unsuccessful, they'd create a situation in which the make-up of the various divisions was in dispute when the new season kicked-off. The authorities can't get themselves into that quagmire.
One possible solution I saw being floated was that only enough outstanding games would be played behind closed doors to bring all teams up to the same number of games completed.
Swindon have a game in hand and could overtake Crewe in the race to go up as champions. Exeter have played 37 like us, so neither club would play again and we'd go up automatically in 3rd place - Cheltenham do have one game in hand but are four points behind us. Port Vale and Bradford have played 37 so the play-offs would remain as they are now. Stevenage would be dead and buried but with 10 games to play, would feel hard done-by if they were relegated now.
What would happen with the play-offs? Maybe 2 x 1 leg play-off televised semis behind closed doors and then a televised final behind closed doors.
Because of the huge money involved, I can't see that washing in the PL. Four points covers positions 15 down to 19. Norwich are farther adrift but have 9 games to recover if the season ran its full length. At the top, Man U are only 3 points short of a lucrative guaranteed Champions League place at the expense of Chelsea. Anyone from 5th (presently Man U) down to 9th (Arsenal) could hope for the Europa League if the PL ran it's full course. That includes Wolves and Sheffield United, both of whom deserve to prosper at the expense of better known clubs, given the great football they play on (relatively) limited budgets.
In probably the most vicious battle, the automatic promotion places from the Championship look relatively settled, with West Brom in 2nd six points clear of 3rd placed Fulham, but below Fulham, it's dog-eat-dog with 7 points covering 4th down to 11th.
If that bottom of the PL to top of the Championship doesn't give rise to law suits if all the games aren't played, then I'll be astounded. I can't imagine the clubs involved would accept only playing games in hand either.
Having mentioned Sheffield United, Ian Holloway said we played like them after we beat Grimsby. He's right actually, high energy end to end play, overloading the opposition at the front AND the back and with underlapping centre-backs supplementing the wing backs, especially when McFazdean is playing. I have to say centre backs ploughing up the field with the ball gives me the heebee-jeebies but thta's the way Lowe does it!