The licensed date is the last date that the customer is entitled to support from PANW.
The licensed date, is the last date that any updates (dynamic or otherwise) could be installed on the FW.
AV is released every 24 hours.
No more AV after (whatever date) in Nov 2020
AppID and Content ID is done weekly.
After (whatever date) no additional Threats signatures could be downloaded.
WF is done every 1 minute.
After (whatever date) in November, there would be no additional WF upates.
(This is the biggie)
After (whatever date), there is NO more PAN-DB url categories on the FW.
Traffic would be not be inspected for match condition or URL categories in URL Filtering.
Summary.... while it may be "ok" to let license for Content-ID and WF to lapse, PAN-DB should not be allowed to lapse.