I suppose the same thing that would happen if there were two independent countries that start with "Op"... right now there is no ".op" domain and that makes me sad.
True, but they would simply assign them different two letter TLDs. For example, compare Montenegro (.me), Macao (.mo), Mongolia (.mn), Malta (.mt), Madagascar (.mg), Mauritania (.mr), etc.
I can understand how it would be frustrating, though. For a long time, the TLD for my last name (two letter last name) wouldn't allow second level registration.
