When they update they miners are simply cut off.
Furthermore, Ethereum contains a self destruct mechanism that requires a hard fork. Unless miners can coordinate a competing POW fork (and convince rich people that the bad PR and profits for them are worth it) they won't be able to do anything.
It obviously wouldn't be as large and probably suffer from everyone on real ETH selling off their duplicated assets, but it'll surely be a thing, a last ditch effort to keep mining rigs profitable before everyone moves on to the next best coin?
However unless it captures a siginficant fraction of ETH value it won't be worth much and in turn won't be attractive to miners.
Right now ETH makes up 95+ percent of all GPU miner revenue and there aren't a lot of (successful) new POW coins these days.
I think the (GPU mining) market simply collapsing has a high likelihood.
None of this work has happened in the dark. The regular cross-team meetings, constant stream of commits on GitHub, etc. are in the open for all to see.
Next phase will be sharding and splitting out data availability from consensus strictly speaking, exciting times!