What most football fans care about is whether City used hugely inflated "sponsorships" (and other crooked means - like paying huge "consultant fees" to employers via third party operators) to cheat the system.
Not about whether it was technically possible for CAS to side with UEFA given the nature of the case.
The latter is of no importance. It's a technicality. The fact is that City did cheat the system - everyone knows this. They had no business spending that much money based on what the football club actually generated - this has been established beyond any reasonable doubt. They cheated - pure and simple.
Again - go ahead and argue about the nature of UEFA and/or the "aristocracy" of established giants who are against upstarts like City: fine, do that, there's a debate to be had there, even. But don't feckin' pretend City is "innocent" of cheating on a grand scale within the context of the current system.