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The article is literally about how there is precedent for eliminating a country's TLD when that country no longer exists, in the .su and .yu domains (for USSR and Yugoslavia respectively).
It won't happen overnight, but it'll happen.
It'll get eliminated as a country code, yes, but that leaves it available as a generic TLD. Seen as it will be available and is obviously lucrative, someone will register it and, presumably allow domains to be registered under it. Off the top of my head, I think it costs $10,000 and you have to show you have the infrastructure to support the TLD you register, so an existing registrar is the most likely. That figure is probably out of date, it's been many years since I checked it, but the infrastructure requirement is the more costly part anyway.
ICANN controls TLDs. Nobody can "register it."
You are technically correct in saying that it's not a registration. Instead it's a sponsoring: https://en.wikipedia.org/wiki/Sponsored_top-level_domain