Then that wouldn't be enough since the other Tier 1's would need to upgrade their peering infrastructure to handle the larger peering links (n*10G), having to argue to their CFO that they need to do it so that their competitors can support the massive BW customers.
Someone will take the business so that traffic is coming regardless, they can either be that peer or be the source with the cash. If they can't do either then they're not in business, I hope they wouldn't ignore it congesting their existing peers (I know...)
Then even if the peers all upgraded the peering gear at the same time, the backbones would have to be upgraded as well to get that traffic out of the IXes and out to the eyeball networks.
The Internet doesn't scale, turn it off brandon