Existing products based on that IP will continue to be sold until they sell out. No new products based on that IP can be made.
Wow. You're an idiot. By your logic, no music more than 40 years old or so could be played or obtained, Mozart, Bach, Beethoven, Mendelssohn, and all the other great classic music would go away and we'd have the latest bubblegum pop.
We couldn't attend a play by Shakespeare, nor read War & Peace, or for that matter, the bible.
I know what you'll say... "that's all public domain", but by logical extension, your idea would do away with public domain.
Please, do us all a favor. Don't vote. Ever.