If your whole party jumps off a cliff combat has ended
There is the unlikely scenario where the enemy jump after them, but as soon as the party declare their intention to jump off a cliff and feather fall to a safe landing you can immediately drop initiative and just narrate what happens afterwards; "you all jump off the cliff and the wizard casts feather fall to slow your landing, the lemmings giving chase fail to realise this and all follow you over. By the time you reach the groupground it is so thick with lemming corpses you could probably have had a safe landing even without the spell".
This completely avoids the scenario where your players have to stand on a cliff readying actions, which is basically a mechanically horrible way to fudge the flaws of combat to allow the players to do something they should easily be able to co-ordinate.
Don't let the rules of the game bog you down, once the method of ending combat has been decided, just narrate it and get the players back to something interesting. Best will in the world having 5 players say 'I hold my turn to jump off the cliff' is not fun, and doesn't need you to run the full combat round to get there.