I think it's a given they'll get expelled by the Premier League. I imagine if they attach a fixed term to that, so expulsion and no return within 5 years, the Football League will be compelled to only offer them a return to a division which is that the same amount of promotions away as the time bar from the Premier League. That's inevitable as otherwise you could have City win the Championship for 5 years in a row but unable to be promoted which will cause carnage. So with that logic applied:
Expulsion = Championship
+2 Year Ban from PL = League One
+3 Year Ban from PL = League Two
+4 Year Ban from PL = Vanarama National League
+5 Year Ban from PL = Vanarama National League North
That's assuming the FL / VNL accept them. FL may want to take a stand with FFP also involved in them. I imagine VNL will welcome them with open arms.
I don't see their titles getting stripped as that will cause carnage as you then infer the team 2nd should have won the league, 5th should have qualified for Champions League. It will open City up to a long line of legal claims for damages and vicariously the PL also for not having adequate control measures for FFP.