I don't know about that, though it would have had interesting repercussions. I've always felt they should have killed Xavier in Second Coming, as he's played his role in the X-Universe, but to kill off Cyclops... I don't know. It'd feel wierd without one of the two of them leading. Storm is the next in line but she doesn't really feel like a part of the team anymore and I just can't get into the idea of Magneto or Wolverine being the main leader.
Seriously, if all that played out, and with Jean and Nightcrawler dead... I don't know WHO would step up to lead and still feel genuine. My first instinct is Warren but not with his current mentality. After him is likely either Sam or Dani... and while that'd be very interesting and fairly organic I'd imagine it would be hard to see people like Bobby or Beast following either of them.