If there's no Olympic wrestling there won't be any college and high school wrestling either because the money to fund it partially comes from it being an Olympic sport. Greco-roman will suffer from it even more.
If they really go through with this I think there won't be any fighters with a wrestling base in MMA in ten years time.
It's not as simple as "olympics gone, so what, college wrestling is still around". The reason college wrestling is so popular is because it feeds into international competition and there is a career, audience and worldwide glory opportunity for wrestlers. Without that stage, there will be much fewer career prospects for collegiate wrestlers and it will negatively impact budding elite athletes looking to choose their sport.
I don't see wrestling disappearing entirely, but this will definitely strike a huge blow to wrestling in every country and the level and number of wrestlers crossing over into MMA, simply because the talent pool will shrink.
Horrible, horrible move by scheming Olympic committee douche-bags for internal political reasons, not rational or economic.