It will happen, it will be awesome, I will laugh.
However I think it's probably not going to be a massive instantaneous crash, most likely a gradual happening, first with the shitty systems like PS1 and then to a lesser extent with older systems. NES will be affected least.
Now, the *non* retro game crash...that very well could be instantaneous. What happened with Konami may happen to anyone if moods change. There's not much of a reason to be in the AAA game dev business these days where losing money has come to be the expected norm.