When you say "ripped out" I assume you mean "removed" in which case the necessary equipment can be put back easily. It's not as if dormant airfields haven't been re-opened for air shows before. There's absolutely no reason why Cottesmore couldn't be used - it's just a question of will. Obviously, it isn't going to happen as nobody from the RAF is going to propose that the Army should even be approached. Doesn't mean to say that it wouldn't be the best thing to do though
If we're talking about reality, I guess we will simply be kept in the dark and eventually the RAF will announce that they are no longer proposing to stage shows of any sort but that they will participate in other events (insert suitable cliches and platitudes at this point etc.). But the outcome will probably be that the Waddington show is abandoned. Hopefully that won't happen but I don't think it's unreasonable to imagine that it will.