So not being a lawyer and not giving legal advice, to me this seems to say that as someone producing something with OGL1.0, "you MAY replace it with a newer, authorized version" means that if you don't, the old version stays, or goes away entirely ? I,e. you then may decide to use another new fresh license of your own choosing ? Or it becomes unlicensed ?

Because if there is a requirement that at anytime an authorized version were to be used, wouldn't the language needed be "you MUST replace it with a newer, authorized version" ?