I think they will almost certainly look for the way out that will cause the least tantrums and legal action. That points to ending the season as it stands, and allowing promotion but no relegation. Celtic as champions. Whether the resulting league reconstruction is temporary, or the opportunity is taken to try something new on an on-going basis, will be up to the clubs. It would give us something to talk about, at least.
With no relegation, and with Celtic so far ahead, I can’t see Rangers* getting any support for an alternative proposal. They could try the courts, but they haven’t got any money, and would find that very difficult if UEFA raise no objections and most other leagues follow the same path.
I think they will wait as long as they can to make a decision, in the fervent hope that someone makes it for them.
On the wider COVID situation, it does seem that the UK Government strategy for a longer, shallower curve isn’t working. We are following an identical trajectory to Italy. That means a shorter, sharper curve. That means that, over the next week to ten days, UK death rates are going to rise to horrifying levels, possibly eventually towards a thousand a day. Parts of the NHS are going to break down, some old patients are going to effectively be chosen to die, and the UK government, one step behind as always, will then announce a full lockdown - either in a sequence of steps, or all at once. A near complete or complete lockdown by next week is a probability - maybe sooner if Johnstone finally decides to get ahead of this thing.
Guys, if you can, stay at home. Do the garden, watch Netflix, have a wank. Just don’t go out and kill someone’s maw. Or the nurse that might have saved your maw.