Is this not kind of existential for the PL?
If it is shown categorically that success can be achieved through systemic cheating and disregard for the rules, then the entire brand is devalued. How can you command huge fees for TV rights when it has been acknowledged that the whole thing can and has been fixed?
I don't think it is as simple as dumping them in the Championship either as that would take a place from a League One club that has earned it.