They won't cancel the league. The only reasonable course of action if it can't be completed is to simply call it as it stands at whatever point they choose. Binning it entirely would be far worse and lead to very strong legal challenges from so many teams. You can't argue against your current league position being where you stop as strongly as you can against having the whole season wiped. Thats worth £100m+ to a lot of teams. Relegation teams, promotion teams, CL places etc.
On another note, football without a crown is ****. I never realised just how important it was for the enjoyment of the game on TV.