Pakistan have taken a huge hit in their quest for a Hybrid Model of Asia Cup this year. The PCB's proposal for hosting Asia Cup in two countries, one being Pakistan has been resoundingly rejected by other members.
Bangladesh, Sri Lanka and Afghanistan all cited logistic and financial reasons to reject the hybrid model which means the Asia Cup will be played in one country if it happens at all. Reports from Pakistan suggest that they may withdraw from the competition if their demands are not met.

India's ongoing refusal to play in Pakistan made the neighbour country propose a Hybrid Model, which suggested 3-4 matches of Pakistan to be conducted in their country, while the rest of the matches being played in a neutral venue.
But after the rejection of their suggestion, the Asia Cup is in jeopardy, especially if Pakistan decide not to participate.
Here are three possible outcomes of the Asia Cup if Pakistan withdraw from the tournament-
In Pakistan's absence, Asia Cup can continue in Sri Lanka or any other country with the other sides. India, Sri Lanka, Bangladesh and Afghanistan will participate and it may still be named as Asia Cup.
But in this case, broadcasters may want to renegotiate the deal as Pakistan will be absent. India and Pakistan's clash is kind of the flagship match of all major tournaments, and it will take a major hit if Pakistan is not playing.
It will be played in one country and we may still see the continental tournament in the designated window.
If Asia Cup is not held, India may offer Afghanistan, Bangladesh and Sri Lanka to play in a four or five-nation ODI series in India in the Asia Cup window.
It will give a taste of the old Tri-nation series, which is not seen at all in recent years. This can be a decent preparation for the Asian teams ahead of the World Cup, especially with the World Cup being set to be played in India only.

This will be a disappointing yet pragmatic possibility if Asia Cup is not held. In this case, we may see teams pair up with other teams across the World to play bilateral series in preparation for the ODI World Cup.
With Sri Lanka's fate for the ODI World Cup hanging in the balance, it will be pivotal for them to ensure a World Cup berth in the upcoming qualifiers. India, Bangladesh and Afghanistan have already qualified for the ODI World Cup.