This question comes up frequently on reddit, Steam forums and many other places. Gabe Newell (Net worth: 4.1 billion USD (2017) Forbes cofounder Valve Corporation) has stated in the past that, should Steam be taken offline, a patch would be made available that would allow users to continue to play all their games without the service needing to be active. It would probably work as a perpetual Offline Mode. There would also be the opportunity to download all purchased games at the same time. This has been reiterated time and again by moderators and Valve staff on the forums, and such answers are also available with a Google search.
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