Truthfully, neither of these options is in the spirit of a suspension. They would be equivalent to unsuspension (though for the second, it'd be more work for someone else, and they'd likely end up suspended too).
[End official block.]
I'm going to be honest. I acknowledge that rand was a particularly significant contributor to Puzzling, and it's not as though we aren't thankful for what they've done. In a year, if they'd like, they're welcome back to the site, and it's important to remember this. A year-long suspension doesn't mean "get out, we never want to see you again;" it really does mean "come back in a year, and hopefully we can all move past this."
People change a lot in a year, and it's also a long time to clear the air. I hope that a year from now, the Puzzling mods don't have to look into rand's moderation history. I would be particularly unhappy if it came to this again.
As far as moving on... (i.e. to actually answer your question)
rand wasn't the only contributor to the site. It's you all, dear readers, who have made this site what it is. As far as Stack Exchange sites go, despite the rough road getting here, I think we've been fairly successful. It's not fair to the majority of the users on Puzzling.SE to attribute that success to rand alone, and it's also not fair to believe the our success of Puzzlingin the future hinges on rand. I don't want to minimize rand's contributions, but it's important to acknowledge that they've been one among many who have made the site what it is.
Long story short? We've grown a lot - we have over a hundred active contributors a day. If we can't recover from this naturally, then we need to take a serious closer look at our community's health and what's supporting it long-term.
I doubt the community will see much turbulence, unless you chose/choose to follow what happens (and even then, hopefully it's a minimum). Recovering won't take long, and truth be told, I don't think it'll be rough. I think we'll all be a bit more relaxed if we take a moment to acknowledge that rand has done a notable amount for the site, and then acknowledge that the rest of us can do it, too - and have been for quite a while.
As a final note, if something has become unclear, or you're confused about something we can clarify (i.e. general policy not pertaining to a specific user), definitely feel free to ask.