I don’t think there is any mechanism to relegate them below Championship. Premier League have a remit for Premier League and that’s that. It would require the Football League to hand out a relegation punishment and they won’t have the authority to do that because the offences didn’t take place within their jurisdiction.
It will need to be a really creative punishment for it to satisfy fans.
- Owners being declared unfit and forced to sell.
- substantial EPL points fine carrying over into future seasons.
- considerable monetary fine being held against their PSR calculations meaning zero budget for next 5 years and forced to sell most of squad
- Compensation to all clubs impacted by their actions and fines calculated against PSR
- Previous titles stripped and banned from promoting themselves as winners or basing sponsorship calculations on the status they bring.
Essentially make it virtually impossible for them to function as a football club for the foreseeable future.