refusing to moderate unless Reddit pays them fairly for their efforts

What will really happen: new mods will be put in their place instead, willing to do the dirty work for free because they don't get the protest. They will probably be worse than the people they replaced and they will not defend their communities against the further changes the website will bring. This will kill Reddit as we know it, but it won't happen overnight, it will take months or even years, every community slowly draining away its goodwill while users organize new communities elsewhere, be it Lemmy or wherever else. At that point, Reddit will become a news aggregator or a boring social media websites closer to tiktok than it is to the discussion centered place it is now. And we won't be there to really see it under that new guise, just like I had to check to see that digg.com has now become a sad flipboard clone.