It's sort of happened before with what 1-2 years between NSL shutting down, and A League starting up.
But you would think it will be a hibernation type period of as long as it takes, to safely restart the League, rather than it folding.
During that hibernation a very large cost cutting exercise by each club, shedding off contract players, and on contract players having to agree to very large pay cuts.
News/rumours of Fox looking to get out of the remaining 3 years of their contract though is a massive concern. Probably more worrying longer term, than Coronavirus.