This is what I think will happen. Yonge North, DRL, and SSE are close enough to construction to have shovels in the ground at the end of this term. Sheppard needs to start from scratch, it's going to take time to start. At the very least until next term.
All the LRTs are dead, for sure. I think you will see Eglinton west possibly built as an elevated line. Eglinton East will either see the city fund it or see it die. Waterfront East will probably scrape together funding from the Feds and the City.