It's going to rip the heart out of Scottish football. Vendettas will start and whichever league rangers find themselves in, their fans are going to have the biggest chip on their shoulders.
As someone else pointed out, how are Scottish 3rd division clubs going to cope with several thousand angry bluenoses? And if the rules are broken to allow them back in the SPL, the other clubs will bring legal proceedings against the authorities.
Sky will renegotiate the tv deal if rangers aren't included, and that will be a hammer blow to the current SPL clubs.
I honestly don't know how it can be resolved by August.
It's like Man utd, Arsenal, Liverpool and Chelsea being relegated to the conference, after a vote by the other premier league clubs. Leaving Man City to clean up the league unopposed.