Then they wait until the next conclave to elect a valid Pope. They would be sedevacantist until Francis dies or properly resigns. So it is not a dead end road but the same road as the R&R position, expect there is a pause between Pope B16 and the one after Francis.
According to one of the leading proponents of the "Papa-Benny did not resign" platform (Brother(?) Bugnolo) when P.P BXVI dies, the seat will be vacant until the election of a new pope. However, the newly elected pope will only be recognized as valid IF the new pope was elected by Cardinals appointed by either BXVI or the popes who reigned before him. In other words, if the new pope is elected from a conclave consisting of Cardinals appointed by Pope Francis, that new pope will be considered invalid. (Because he was elected by invalid Cardinals, appointed by an invalid Pope). Ergo, they will contend that the seat remains vacant.