They can still play in majors so the PGA Tour doing this is like a slap on the wrist.
That’s the crux to all of this. If Augusta National, the PGA of America, the USGA, and the R&A don’t unify on this, the PGA Tour is pissing into the wind. My guess is that players like Koepka, Hovland, Cam Smith, Ancer, Wolff, Bubba, Berger, etc. may jump ship in the next 6-12 months. If they do, then the majors aren’t going to exclude that sort of talent.
Unfortunately, society has about a 2 second memory in this 24/7 news cycle. It’s going to be easier and easier for players to go over there as this becomes more accepted.
The other interesting piece to all of this is whether LIV can get the next Scottie Scheffler or Collin Morikawa to join their tour rather than the PGA Tour. If you get the lifeblood, it would significantly damage the PGA Tour’s ability to offset it.