Football fans from across the world are waiting for the sanctions to be announced. All sorts of possible punishments are being mentioned from a massive points deduction as you mentioned to a fixed points deduction every year for each of the years they had been cheating. Also, immediate relegation is another alogn with a financial penalty and transfer bans.
Pochettino mentioned that after the new Tottenham Hotspur Stadium was announced and under construction, he was unable to buy players that he wanted to strengthen the squad because the then chairman (Levy) told him they could not allocate funds for players because they had to stay within the fair play rules. I think Tottenham have a strong case as had Manchester City not cheated they finished 2nd by seven points in 2016/17 behind Chelsea. They also finished third and fourth in some seasons.
Everton also have a strong case as they finished 5th in the Premier League on one occasion and missed out on the Champions League because Mnachester City were occupying one of the top four positions. Other teams that could have played Europa League football (including Everton) but missed out because Manchester City were cheating, also have a claim.
This is going to get very interesting because as soon as the independent commission announce the punishments, Manchester City will make an immediate appeal. I think regardless of how long the appeals could take, Premier League players will get together to make a class action against Manchester City for loss of earnings and without a doubt the clubs will be lining up to take action. In both cases, they will want financial compensation.
Maybe relegating them outrightly may may cause some controversy I'd suggest they deduct 60 points from the team this season and allow them to decide their fate. That alone is enough to relegate any team unless they can pull 100 points which is impossible.