If $\mathsf{NP} \subseteq \mathsf{P/poly}$, then $\mathsf{PH}$ collapses to $\mathsf{\Sigma_2 P}$ (Karp-Lipton), and in fact to $\mathsf{S_2 P}$ (attributed to Sengupta by Cai, FOCS 2001), and even to $\mathsf{O_2 P}$ (Chakaravarthy-Roy, STACS 2006). Note that one cannot go too much further than this with relativizing techniques, since already $\mathsf{S_2 P} \subseteq \mathsf{ZPP}^{\mathsf{NP}}$ (Cai, 2001, ibid), yet there are oracles where $\mathsf{NP} \subseteq \mathsf{P/poly}$ but $\mathsf{PH} \neq \mathsf{P}^{\mathsf{NP}}$ (Heller, 1986).
(Someone more knowledgable in quantum would have to answer if/how this affects $\mathsf{BQP}$.)