The Segunda Division B leaders trailed 3-1 after the first leg, but played less than a minute of the return clash at their El Sardinero home on Thursday.
The frustrated players cited several months of unpaid wages as the reason for the threat and had already called for president Angel Lavin to step down.
The Racing squad had claimed that the game against Sociedad would not go ahead unless their demands were met. In the end, they did take to the pitch, but it was purely for show, with the players linking arms in the center circle as soon as referee Jesus Gil blew his whistle to signal the start of the match.
The coaches and substitutes also linked arms on the sidelines and, after Sociedad passed the ball among themselves for a short while, the Basques booted the ball into touch.
When Santander refused to take the throw in, Gil decided to suspend the match, meaning Sociedad will progress to the competition's last four, where it will play Barcelona.
The Racing players were embraced by their opponents, who shook their hands and hugged them, before they were applauded and cheered by the home fans.