Even if Sky default on their F1 contract, why would Bernie spite himself and not re-sell the rights to another channel? He'd still be able to sue Sky for breach of contract.
Secondly, I'm not sure people withholding their money from Sky are really expecting it to immediately fail, apart from the very deluded. What is more likely is that if Sky can't get the number of subscribers they were hoping for, they won't bother to bid the next time the contracts come up for renewal, and F1 will end up somewhere else, hopefully a free-to-air channel.
It's definitely not "game over" if Sky can't make F1 work, and it's definitely not stupid to protest the move by not buying Sky.
Secondly, I'm not sure people withholding their money from Sky are really expecting it to immediately fail, apart from the very deluded. What is more likely is that if Sky can't get the number of subscribers they were hoping for, they won't bother to bid the next time the contracts come up for renewal, and F1 will end up somewhere else, hopefully a free-to-air channel.
It's definitely not "game over" if Sky can't make F1 work, and it's definitely not stupid to protest the move by not buying Sky.