If they were found guilty, you can assume they will be fined or sued and be banned from accessing certain sponsors, not to mention the club would struggle to attract high-paying sponsors. This means selling players to balance FFP or whatever bills they have to pay, would become a priority in the short term, thus relying on academy/free transfers to get the team up again. The good news is even in a potential fire sale City will net hundreds of millions, but on the negative side, any damages might also be of a similar magnitude. Whether they could spend once back in the PL isn’t certain either. The PL could be required to sign off on transfers and they might still have bills to pay.