It's a big blow on USA ambitions in dominating the sport of football (soccer) and there is a probability of a MLS decline. There is a lot of work to be done and I think an introduction of promotion/relegation system might solve some of the problems, especially the complacency. The current system serves only the interest of the club owners and, clearly, signing 32+ aged former stars is not helping the football cause.
BTW congrats to Panama on qualifying for the World Cup for the first time in their history. Will be interesting to watch.