Rather sad, actually; I remember the few years the old Milwaukee Mustangs were in the B.C; it was a great way to spend a Friday evening in the summertime-especially because the Brewers were sooo freaking bad back then...
According to an article from USA Today I just looked at, the AFL's minor-league version (AF2) will still be in operation:
The AFL's offshoot, known as af2, played this season and is in the midst of the ArenaCup playoffs. The AFL owns 50.1% of the af2. If the AFL goes under, it won't greatly affect the minor-league version because the af2 is solvent, self-funded and they pay its bills, Iowa Barnstormers co-owner Jeff Lamberti said.
The af2 executive committee has been working on contingency plans ever since the AFL announced it was suspending its season last year. Possible new plans range from combining af2 and defunct AFL teams to create a revamped league, or perhaps a new league with two tiers much like AFL/AF2 with a different economic model — or just leave the af2 as is with a new name.
"I think the important thing that we do know as far as the current af2, whether we change our name or something to be a little more appropriate in the light of AFL, that as a league we're strong, we're going to continue, we're going to play," Lamberti said. "In our opinion, worst-case scenario, we simply become a separate entity and continue as we have."
There is already talk that some of the “stronger” AFL franchises may merge with some teams in the AFL2 to re-emerge under a different economic model in the next couple seasons. (possibly keeping the AFL2 moniker).