Some dude on twitter posted a list of France NT without the Super League players:
Maignan, Mandanda, Areola
Dubois, Clauss, Kounde, Kamara, Fofana, Kimpembe, Digne, Truffert
Aouar, Veretout, Nzonzi, Caqueret, Tchouameni, Camavinga
Mbappe, Gouiri, Ben Yedder, Diaby, Fekir, Thuram
Of course, if PSG joins you have to replace Kimpembe and Mbappe (probably by Konate and Edouard for example). The starting 11 could be: Maignan (Lille) - Dubois (OL) ; Kounde (Sevilla) ; Fofana (Leicester) ; Digne (Everton) - Tchouameni (Monaco) ; Camavinga (Rennes); Aouar (Lyon) - Gouiri (Nice); Ben Yedder (Monaco); Fekir (Betis).
I'd say France would still probably be among the favorites, considering how worse the situation would be for a lot of other major NT. But, yeah, a lot of major players would just disappear from the tournament. I don't really see that happening. Could be fun though.