It can go one of a few ways.
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Apart from the few subs that remain offline, it'll basically be back to normal. Those that do remain offline indefinitely just get forcibly reopened or recreated by admins, especially huge subreddits like /r/videos. Smaller ones just get redicted to /r/topicnew or some other creative name.
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A lot of subreddits and more importantly moderators and users leave the site permanently. In order for this to happen however, there'd have to be a consensus alternative, which there isn't ATM. Otherwise, these communities are pretty much lost forever unless the mods put a message to go to X alternative service in the "subreddit is private" banner. Tbh, I don't think people are gonna stomach losing years of their lives in an instant so they'll just re create subreddits unless the mods provide an alternative.
No matter what though, they're not backing down on the effective removal of the API (still leaving the sneaky clause "you can pay us if you want but it'll be a king's ransom" for AI, even though they can just trawl the web manually lol). They'll probably announce some crappy customization features to hoodwink those who don't know what an API is and lie to them and say it's "API v2" or whatever.
I just honestly don't know how it's going to shake out and I'm scared im going to lose these communities. I don't give a single solitary fuck about Reddit the company anymore, and I never did really. I just hope all of the subreddits find a new home and don't just shrug their shoulders and say "welp, guess that's it guys".
I think we'll see a temporary "return to normalcy" after the protest finishes and most subs come back online. But come June 30 and the end of third-party apps, we'll see a bunch of users come back to Lemmy/Kbin again.
In a way, this seems like the best way of driving things. The protest has raised awareness and got a ton of development work going, and then there's going to be a respite giving instances time to prepare themselves for the second surge.
Knowing corporate, reddit is playing good cop/bad cop with app devs right now. Apollo and RIF had huge targets on their backs for being popular, profitable, and developers who aren't afraid to speak out.
meanwhile over at baconreader there has been radio silence from the devs, largely because i think they are cutting a deal with reddit for a much better rate in return for knuckling under. pricing terms of course will be under a NDA