Well, a little more complicated than that. Their problem is now going to be gathering Official Golf World Ranking (OWGR) points. The PGA & Euro Tours give them out, both of which they are now banned from. LIV has applied for OWGR status to be able to hand out points, but they don’t meet all of the criteria (72 hole tournaments, cuts after 2 rounds, etc). Even if they do get status, they have to wait a year to hand out points.
Without OWGR points, the world ranking of your average LIV player is going to plummet quickly. The problem is that majors hand out invites based on world rankings. Off the top of my head I believe the Masters invites the top 50, both Opens Invite the top 60, and the US PGA invites the top 100.
So while they’re making a ton of money, their counterparts on the PGA & Euro Tours are earning OWGR points while they’re not. Which means their world ranking is going to sink like a rock and they won’t get invites to majors.
Players (like Mickelson who won the PGA last year) with exemptions are fine. Most majors come with a 5-ish year exemption. But the players who don’t have majors in the recent past (which is the vast majority of them) are going to be dropped from the majors pretty quickly.