I see a lot of people mentioning a transfer ban, if a points deduction is given and high enough to guarantee relegation then a transfer ban would not apply in the championship, the Premier League punishment only applies to the premier league, so in theory Man City could do a ruck load of business in the January before promotion and the Premier League would have to sanction the team on promotion with the signings in place.
I also see people saying the Prem cannot simply expel Man City on the ground that League 1 would not have to take them in, and this is true but as per Rangers they would just have to go back to the bottom of the triangle, means the Premier League would be a team short and would probably have to offer an addition place to a Championship team either immediately or at the end of next season, but for me expelling City from the competition is justified on the basis that they refused to co-operate with the investigation and actively obstructed it, this is a private members club, it is a league created by the clubs to make money, and for a club to decide they will not co-operate is for me well you are out then, simple as! where they end up is between them and the FA.