What might happen:
1. BitPay introduces bits
2. Everyone follows (somehow they are forced)
2. All prices converted to bits
3. People start calling bits bitcoins
4. Original bitcoin value gradually forgotten
5. Bit "officially" renamed to bitcoin
Maybe this is the only way to keep bitcoin name for (everyday) currency unit.
5. bit remains 100sat and bitcoin remains the name of the protocol and measurement of 100,000,000sats.