The gain from patch 5.4 was enough to sustain the loss from the few (myself included) that already quit prior to 2013 ending. Do you really think only 200k joined in 5.4 and stayed since then? Fuck no. There was a loss from the raid becoming repetitive like every other tier, just a loss that was smaller than what was earned, 200k being the difference. With nothing to incentivize players to make a return in Q1, what will bring in players? What will keep players from quitting?
This is something that I overlooked, but I doubt it's going to keep that many people in. It might negate the loss from Q1 (but I kinda doubt it as most players, especially PvP, are quite casual about it), but if nothing comes in Q2, the loss will be significantly larger than the gain.