Reneging on deferred admission for b-school?

Hello,

I recently got into a deferred admission (2-5 year deferral period) MBA program. I feel very grateful to have gotten in, but the school is not my top choice. There are a few schools I'd much rather go to. I'll have a better picture in a year (for a variety of reasons) whether it's worth it for me to go to the school and what my chances are of getting into a school I'd prefer.

My question is the following. Let's say I accepted the offer from this school, paid the first year's deposit, and then in a year decided to renege. Would that have serious consequences? In particular, do you think I could then go on to apply to other schools a few years later, or would the original school communicate to other schools that I had reneged and eliminate me from consideration for other schools?

I'm well-aware that there are ethical issues here, and I'll deal with that side of the debate elsewhere. I'm really mostly curious on whether this is possible.

Thank you so much for your help. I'm very appreciative!