Yes, if this YIP is not voted in, there will be no rewards until the community decides on a split. As for where to funnel the rewards, that’s still undecided too. I think it should be kept flexible so we can adjust when better strategies emerge.
The project is at the stage when it would benefit from more flexibility and more resources to leverage. Note that funds from the multisig can be used for incentives too and likely will be. See also my proposal which builds upon YIPs 30 and 31: