This stuff has already happened in England with Middlesbrough. They reformed with a newco and retained their 'honours'.
I find this a little amusing as my wife is a teddy bear born and bred. I kind of agree with her. Its short term gain and financial ruin ahead for most of the SPL. I would have a guess that if Rangers are relegated or turfed out that Sky re-negotiate there Sottish deal and by that I mean pull out altogether.
If the petty clubs and supporters of clubs don't realise that they are going to get Celtic on TV every week on a Sunday and actually lose revenue but gain a European place. Then I laugh in their general direction.
If the debts of the English PL clubs were called in and we lost Man U, Liverpool, Tottenham and Everton what would the PL be worth. Those in glass houses should not throw stones perhaps.
Personally I hope they set an example with Rangers, and relegate them. That's the rules but I think if they do not elect them to Div 1,2 or 3. Then IMO Scots footy will be broke within 5-10 years and fighting to obtain crowds the size of Gateshead's at all bar Celtic who will then become desperate that the Scot's have voted to be independent and ask to buy Berwick Rangers so they can play in England perhaps with Rangers.