The FCC's authority to revoke a major broadcast network license rests on a formal, multi-stage administrative process involving public comment, hearings before an administrative law judge, full Commission review, and potential federal court appeals, a sequence that historically spans years rather than weeks. Ongoing litigation over the agency's April 2026 directive for early renewal applications on eight ABC-owned stations—tied to employment practices and programming disputes—remains unresolved in federal district court as of mid-October 2026, with no final action taken. Revocations of major network licenses have not occurred in decades, and the December 31, 2026 deadline leaves insufficient time for completion even if proceedings advance. Trader consensus reflected in the 96.5% probability on "No" aligns with these procedural realities, though a rapid court ruling permitting expedited enforcement or an unexpected escalation could still alter the trajectory before year-end.