My bet is that disappearance of premium will be the least of anyone's worry, defining 'anyone' as people who care about NGU on a five-year time horizon.

You should do an article on what the unwind looks like, when pure ideological contagion unravels not just the treasury companies, but ETF flows, and then the political / regulatory pile-on due to a hard Left post-Trump swing where a message about protecting the world from finance-bro apocalypse returns to vogue.