SeatBackForward
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Interesting rumour! Here is the article for those interested: Jet in direct Indian route buzz
The few things I could see happening if this were to happen (In order of likelyness):
a) 9W and QF continue happily codesharing, due to their longstanding partnership and large-ish traffic feed in both directions.
b) 9W stops codesharing with QF, by order of EY there by having no QF code into India only interlines remain.
c) QF forced to resume direct flights to India, or risk totally losing any market share they have or potentially could have had.
d) QF finally get over their differences with MH or CX and codeshare to India via KUL or HKG.
I'd personally like to see c) happen, or at the very least d).
Time will tell if these rumours are true!
You forgot e) QF introduce flights to Europe with stoppover in DEL/BOM/BLR...
But jokes aside, I agree with your four points, doubt c) will happen anytime soon, more likely that d) will occur.
The real irony is that QF don't do any codeshare with MH, yet some MH flights are code-shared with SQ!