I think giving the title to the 2nd place team opens up too many cans of worms for the PL in regards to the 5th and 6th place teams, so I can see the PL leaving the space vacant, if they go so far as to strip City of the titles. But I would love to see a retroactive winner announced, if only for Steven Gerrard. I think a PL trophy would go a long way to banishing the slip for him. It's not just about the fans, it's about all the players and staff who deserve this, who put in the hard work only to be cheated out of their reward.
I have no idea how this will turn out, but if it's nothing more than a fine, the league is well and truly gone.