My feeling is a direct relegation will pass a problem onto another league that might not be able to handle any possible irregularities City MAY throw up.
And, any lower leagues may not want to accept City also.
I think most likely a deal will be made where City accept some of the charges and the premier league drop, or are unable to prove guilt beyond a reasonable doubt some charges.
I would guess at a huge fine and a large points deduction, enough to keep them out of the European spots so they are punished for the following European campaign.
Least likely result will be City getting away scot free……. Unless they have irrefutable proof of innocence and in that instance the EPL could be in big trouble themselves, from City’s lawyers and possibly other EPL clubs that have fallen foul of the EPL rules that could be shown to be unlawful.