The punishment I would like to see for Man City would be:
Relegation. Preferably not just down one level, as they will right that in one season. Ideally to the bottom of the pile, or in old money, the fourth division, so it takes a few years to get back into the big time.
Finances. An independent, Premier League approved auditor, to oversee their finances, at Man City’s expense. This needs to have real teeth and authority, at the risk of further harsh punishment if not adhered to. At the least, it will make sure that Man a city are compliant with whatever regulations are in place, and there can be no fake sponsorships and back channel payments that aren’t all on the books.
Titles stripped. Whatever they won, during the years of cheating, needs to be taken away. League titles, cups, take it all away. And whatever prize money was awarded for those victories should be returned, with interest, in the form of a fine, that would ideally go to grassroots football. That would be massive for the health of the wider game, so something good could come from this.
Titles awarded to all runners up. Everyone who finished second to a cheating Man City will be awarded those titles. This is preferable to me than no winner, as even the runners up will have worked hard to achieve that, so being robbed by a cheating Man City should be put right. However… as everyone can see, it will never be completely put right because the sense of victory and celebration will not be there, so they will all have been robbed too. But having the medals awarded is better than not having the medals awarded, even if it could never feel the same.
Fund set up. Man City should also be fined a large amount, and with the proceeds a fund should be set up for anyone who wishes to sue them. Relegation? Didn’t make Europe? Didn’t get a win bonus? Etc. There almost no end to this category of person or team who will have suffered, due to Man City’s cheating, but to draw a line under it there should either be a class action, or a fund set up to compensate people accordingly.
I would like to see something like that lot coming their way. If it is significantly less, the repercussions will be widely felt, and the Premier League might even be in danger of losing many of its legacy clubs.
Man City are in big trouble, no doubt about it.