Well, I know that if I don't get the results I expect the first thing I check is my instrumentation! However, one hopes that on things of this scale they are pretty sure they haven't stuffed up. I think it just rules out a pretty small subset of theories, as it limits the size of gravitational waves.
It would indeed be interesting if the don't find any. It's about time something in the standard model severely didn't work, give the theorists a bit more of a hard time!
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