What will happen:
Goons have more money than sense. They are going after TEST and TEST will probably not survive long term unless they find a couch to crash on and someone to hide behind. Depending on how much hurfing and blurfing Mittens can do to get goons to stop krabbing long enough to finish TEST (doubtful) TEST will most likely survive in some form. Goons are not the greatest at offensive wars, especially post fozzie-sov so while Mittens promises to crush anyone that helps TEST I'd place serious doubt on him being able to follow through outside normal 'harassment' ops and entosis gimmicks. Goons are all show no flow unless their super capital fleet can be flexed and the horn of Goondor can be used (which it alreay has) but even that has limits - how many pilots will actually deploy to crush "Papi bag holder #21."
Horde will get more powerful. The most likely candidate for receiving TEST refugees (especially corps) is horde or some entity connected to PL. Horde has also shown a lot of resilience and Gobbins and his leadership team are a capable political entity despite the blunders. The big question is if Horde will really invest in its infrastructure and create an economy to rival Goons. This has already happened in a lot of ways but alliance unification of logistics and income stratification via moons can improve and be streamlined more. Goons control a lot of the raw mineral markets and until someone can tackle that they'll always have the upper hand.
Fraternity will grow and will probably be one of the key players in the next big war. As a US or EU based alliance/coalition, I would hate to go to war with Frat. If frat can grow it's list of western based allies they will be unstoppable. It's really that simple. Not even goons with their very strong pacific and Australian time zone can rival an Asian based super power in the game. Most of goon's leadership is also very much against any sort of war with any entity in Asia. They know it's their biggest weak spot.
What won't happen:
TEST will live. I know I said above that TEST will be wrecked by Imperium but again, I have serious doubt in Imperium's ability to project power like it used to. Someone used to say "Big dogs don't bark, they bite." All I see Mittani doing is barking. Again, I doubt he'll deploy supers in the numbers seen in previous offensive wars. After more than a year most of its members are not in any way interested in another hellwar outside of harassment shenanigan's. Everyone is burnt out, especially their logistics team who is busy trying to rebuilt Delve's infrastructure so fuck trying to JF a shit ton of assets to chase TEST.
A lot of people are hoping more space up for grabs in nullsec will attract groups in low and hisec to relocate but that's wishful at best. This always gets said after a major war and it always a "well yes and no" sort of thing. Stop hoping HiSec Jesus is gonna save yall by preaching the gospel in Null.
Brave should join PanFam officially. It will never happen; but, given they've helped PanFam in just about every conflict in null, it's time to call a spade a spade. Would also be interested if they went back to lowsec but that probably won't happen either. Brave will always be a group that does the opposite of what benefits them the most.
What would be cool:
More fish in the sea. Triglovians invading SoV systems and flipping them. JF range increases. I dunno. What I do know is it would be nice if Imperium would ever stop using 40k references. Would be cool if TEST leadership just like, I dunno, deleted their characters and handed the alliance over to a random line member who would probably make better decisions than they would. It would be cool if my application to PL was accepted too, TIA.