Lose WADA accreditation and see what that does - not a Federal govt recognised sport - no Federal govt funding or use of facilities - overnight the AFL would become a WWE clone - it is already heading that way in some regards. If that happened sponsors would walk and you can be certain no legal gambling would be allowed so where would sponsor $ come from, and see what that does to the next TV rights deal - I am sure they would not be willing to pay even 5% of the present $ due to the tarnished brand and sponsors (ad slots) not wanting to be associated - the AFL would not survive in its present form.
AFL in reality, like all professional sports, is a marketing exercise. That is the real difference between professional sport and amateur. Its all about marketing to advantage to get max $ and use of sport as vehicle to do so. A major component of the marketing is to give the image of a fair and somewhat level playing field so that supporters, fans and sponsors will follow/contribute to all teams and games. Its not about actually having a level playing field, but trying to maintain a level of image of it whilst manipulating the variables (fixtures and many other factors) to gain max $. Totally lose that level playing image - ie drugs, non WADA accreditation, non govt funding and the comp becomes an WWE and will go fully down that path to survive.
This is the biggest issue the AFL has ever had to face from a potential death to the comp perspective.
I'm not sure that would entirely be the case, the North American professional leagues aren't wada signatories and they have no shortage of sponsors, nor is professional boxing wada compliant and a host of other sports. The afl could argue that as it's not an international sport wada compliance isn't necessary and have their own code in place. I'm not sure government funding is that vital to them. It's a hard sell granted, but would be interesting if they went down that path.
I still think an option open to them is to drop out of the wada code for a few years and rejoin once everything has been cleaned up. It could be sold on the basis that mass suspensions would breach contractual obligations and threaten the survival of the competition. Keep in mind based on the reports Essendon isn't the only club potentially, only takes two players in on club to breach and club sanctions apply. If the wada code is strictly applied, there's potentially multiple clubs suspended for 4 years. I don't think the afl will wear that.