It happened to a few Harrier guys about eight years ago. Super SERGRAD after the RAG. The Navy is too big to even feel one missing squadron as far as the pipeline goes. 2-3 extra FNG's one year?OCS grads won't be affected. The training pipeline is long, and can be throttled to compensate for one squadron plus or minus.
That said, does anyone know of any occurrences of someone finishing the FRS and not having a spot available in the fleet? Seems unlikely, but somehow I'll bet it's happened.