I am absolutely convinced City will be punished - there is NO way they can not after what has happened to Forest and Everton - and what guaranteed will happen to Leicester. It will result in several teams going to court against the authorities - and they will win.. There is no way they will risk that outcome
What I do fear however, is that the punishment they will receive, will be a slap on the wrist in comparison to the cheating they have done. They will be punished enough so that the authorities have their backs free - but I fear not hard enough to make it a fair punishment.
The way I see it - any punishment lower than relegation is a slap on the wrist. A punishment of relegation + several years of points deduction would be a just punishment. Say they receive 50 points deduction the 1st year, 40 the second year and 30 the third year. That way they almost need to win every single game to get to the play-offs in the Championship, and even if they win promotion the first year, they will not be able to fight for the title the next 2 seasons. City need to be removed from the top of English football for several seasons for this to be just.
But I fear it could easily end up with 20-30 points deduction only - in which case they wont win the league the next season, but could easily reach top 5 and qualify for C.L