If there are no players, there is no LIV 2.0.
So the next few weeks will be critical in providing the specific details players say they’re currently lacking to make decisions over their future.
When asked if there was a critical mass of players needed to sign up for the future before a transaction could be done, O’Neil said: “The entirety of our focus is to get to this transaction and get through it.
“Without the players, that becomes very difficult. I have a good level of confidence in my conversation that we’ll have a critical mass of the right players to move this league forward.”
Northern Ireland’s Graeme McDowell, who joined LIV in 2022, told BBC Sport the mood among the players was “subdued”.
“There are 57 players out here on LIV and there are 57 different mindsets,” said the 2010 US Open champion.
“Some guys have some exemptions in other tours, some have nowhere to go [if LIV folds].”
He said he would be “taking a step back” to work out his future after the Indianapolis event.
“If LIV 2.0 goes ahead, we’ll look at the schedule and how it all plays out, and see if that suits me and my lifestyle,” McDowell added.
“I have an opportunity to go back to the European Tour and play there as well.
“Whether the two of those can happen simultaneously, whether I can only do one or the other, there are questions like that we don’t know the answers to. Until I get that, it’s very difficult to make any decisions.”
When asked by BBC Sport about his future, Smith, who joined LIV just after winning The Open in 2022, said there would be a “little bit of time to think about that once the season is done”.
Would he like to stick with LIV? “I really love LIV,” he said. “It has done wonders for my family, for golf in Australia, my friends, the people that we’ve got to meet around the world. It would be a shame for it to be done, but we’ll see what happens.”
Other players did not feel comfortable speaking on the record.
One senior player said there is an “emotional” feeling among the group as they await clarity.
Another told BBC Sport “it’s been great”, before quickly adding “it is great”.
It was made clear Jon Rahm – whose future is the source of considerable speculation – would not speak to media aside from his tournament obligations.
American Bryson DeChambeau declined an interview request from BBC Sport.
But after Thursday’s first round, he said: “We definitely have a lot against us.
“If it works, it works, awesome. If it doesn’t, we’ll figure things out. Time will move on, and I would say that time heals things.
“I hope people can see that we actually bring value to the game of golf. My wish is that people give us one more shot and be open minded.”