-continue using it without updates
-pay for updates (similar how some banks pay MS for getting updates for some older Windows)
-upgrade to a) paid Oracle version b) free OpenJDK c) some other Java re-implementation
-do not upgrade but switch to OpenJDK(say for RedHat if you want support and fixes)
This thing happened before, some product gets EOL and some big budget companies will pay to not upgrade and continue getting support. The only people that are affected is people that would like to get the extended support for free.
Oracle,RedHat and others make money from offering support and updates. IMO Java ecosystem is healthy and competitive, you have alternatives, you have a group of companies working on it, you have many choices where to buy support if you need, you have a lot of tools and libraries that you can use.
I am not using Java but in our project when e need to do some task we always try to use existing work, so we use CLI apps if possible and most of the time this apps are made in Java and are high quality and save us maybe months of work
Sun, Bea and many others used to charge for support as well, IBM still charges for it, but it is good to pay them because it wasn't Oracle it seems.
Plus I belong to Java developers community since the early days, and I quite remember how the Sun, Oracle and IBM triad used to push Java altogether.
Including those NC announcements made by Sun and Oracle.
Because I have never met a single JVM developer who either (a) wants another JVM fork, (b) wants OpenJDK to be undermined or (c) thinks Oracle has been anything other than a pretty great steward of the platform.