@mttaggart @mwl I don't think this is actually going to happen.
There's so much stuff relying on .io at this point that I won't be surprised if major DNS providers just sidestep ICAN and take matters into their own hands.
ICAN isn't omniscient and omnipotent, if the majority of the world decides that they shouldn't be in charge of DNS any more and that we'd rather use a different set of root servers, their power basically goes away.
@miki @mwl It's possible this won't go into effect for some reason, but the proposal of replacing ICANN/IANA with another governing body is certainly a bigger upheaval than the loss of a single TLD.