Once everything in the old universe has been reduced to photons, and all the black holes have evaporated, the universe loses its sense of scale, and resumes operation as a universe the size of a grapefruit (or the size of the earth - I don't think it matters).

I don't know how Penfold thinks this resizing is supposed to happen, for example whether it's instantaneous or a slow process.

I'd love to have a few beers with Penfold; a lot of what he thinks about isn't maths or cosmology, and isn't all fit for publication, but I imagine it must be very interesting.