Craig you answered my question like Ari Fleischer.
This is a quote from the Sex Key email
If your site has not been changed to follow these new rules by this time, your listing on the Sexkey member's area (link list) will be temporarily removed until the changes are made.
According to this, the penalty for not making the changes is removal from the links list.
Now say I don't care about the links list, and I have a site with a join page with the old text script, that has the words AVS and protecting minors from accessing my site and access thousands of participating sites all over the page.
Let's say this page generates sex key signups every day and I don't change it, will I still get paid for those joins?