Hello.
The SnS contract is a support and subscription contract, this means that the customer is entitled to open support cases with VMware, in addition to being entitled to upgrades, as long as the contract is in force.
If the SnS contract is expired for a considerable period of time, the cost of reactivating it plus the penalty plus the cost of the new period may be equal or higher than the cost of a new license.
If new versions are developed in the future (e.g. 8, 9, 10) and your SnS contract is expired you will not be able to upgrade or install these new versions.
With each version the license key format changes, so a license 6 is not valid for a version 7, just as a license 7 is not valid for a version 6 product.
Other examples:
The version 6 license is technically valid for versions 6.0, 6.5 and 6.7. But you must have your SNS contract valid on the date these versions were released, for legal use.
To install the latest patches or cumulative patches (Build) you must have your SNS contract in force.
If your SNS contract expired, you can install patches released up to the date the contract expired.
I understand the need to reduce costs in these difficult pandemic times, but using VMware vSphere without support is not good business going forward.