If the Conservative Party collapses, I could see a few parties trying to fill the vacuum. Among the possibilities:
1. More conservative-leaning independents fill the void next election.
2. The Progressive Canadian Party attracts all the old Progressive Conservative Party supporters.
3. Some conservatives join the Green Party, resulting in the blue Greens outnumbering the red Greens and so pull the party somewhat more towards conservatism.
4. I could see some more libertarian-leaning conservatives joining the Libertarian Party, with blue libertarians outnumbering red libertarians and so pull the Libertarian Party towards conservatism somewhat.
5. Some liberal-conservatives could join the Liberal Party's blue Liberals and so pull that party towards conservative liberalism.
6. Some might join the Christian Heritage Party.
7. Regional paleoconservative parties are formed, such as an Ontario Party or Alberta Party, etc. which would them form alliances with one another after an election.
8. The Conservative Party moves more towards classical liberal-conservatism.
9. Any combination of the above.