Shouldn't need to wait for a CD to come in the mail. I think that the software shouldn't revert at all It should just stop receiving updates after 365 days unless the license is renewed and access to the content catalogue stops too.

And It shouldn't matter if your computer crashes, or you need to reinstall the software if your license is current it should install the most current version. If your license has expired it should install the last updated version you had before expiration.