I have a hard time believing that City will suffer any truly damaging punishment. Barcelona, Chelsea etc - it never feels like the sanctions passed down by governing bodies has much heft to it.
Having said that, because the Premier League really took their sweet ass time about it, I didn't expect them to actually find the spine to go through with a guilty verdict pretty much across the board. So my opinion is worth the dust at the bottom of a bag of wotsits.
Whatever they do now though, they need to do it super fucking quick. Sure, city will appeal - but clubs playing city the rest of this season need to know what the ramifications are supposed to be for city, should their appeal not work.
The absolute state of it if that lot were to win the league this year following this decision, but before the sanctions are announced and the appeal decision made.