There is a great post and comment stream on MLSRumors discussing the future of the USL. Some people say let it die (kiss any chance of the US ever winning a World Cup goodbye if that happens). Some people say the MLS should buy USL for the player development league (MLS just canned their own PDL, so either this is not in the MLS plans or there is already some MLS-USL tieup in the works). Some people say that the MLS should by the USL as a second division and have promotion and relegation (Potential franchise owner: "you mean I put up $40,000,000 for an MLS franchise and my team might get sent down to the minor leagues? Let me think about this deal for a little while longer"). In any event, if the USL were to get shut down it would destroy soccer development in the US and Canada and would probably, in the long-term, undermine the MLS.
Tough to say what will happen. The USL is currently owned by Nike, while the MLS has a marketing tieup with Adidas. Rumor has it that USL's finances are worse that MLS's (yikes!), but who knows the truth on that.
