My best guess is we'll see some sort of fudge where "for the good of all clubs and the game" the slate will be wiped clean and there will be "harsh and unprecedented" punishment going forward for clubs that break rules. Everybody will nod their heads and say it's for the best etc... and the City's and Chelsea's of this world will get away scott free.
We'll hear stuff like this is a culture change for the sport and clubs have learnt their lessons and are willing to cooperate 100% with the rules from now on. Sky Sports will champion this narrative and talk about "the best league in the world" doing what's right yet again.
I think there is little to no chance of this. Are you telling me we are going to stand for that? Everton? Notts Forrest? Spurs, Villa, Wolves (who sacked a manager as they couldn't spend enough due to P&S rules), United, Arsenal and add all the others in.
To give one example, after Everton were docked their 1st 10 points, there become 0% chance Man City can get away with 115 breaches without severe penalties. We can argue what that might be and some would say a 20-point penalty would be far too lenient, even if it did mean (obvs) another Premier League Champion that season.
City will have to be hit very hard, or the PL itself will be engulfed in a shit storm the likes of which we have not seen.