Most of the media are to gutless to really go in-depth over City's cheating as there's a real possibility City will go after them. It is after all, City's MO. Rather than prove innocence, delay, obstruct and discredit by way of aggressive attacks.
I'm still confident that despite City doing everything they can to prevent the Premier League even bringing the charges, that the case against them is strong enough to succeed. After that, the level of punishment needs to be such that it deters any other team from doing the same, particularly in a period where another State already owns one club and in the unfortunate event a certain State takes over United, it needs to be so severe that both of those States think twice about similar actions.
The punishment for financial management is often severe when it involves putting the clubs financial health in jeapordy. So it stands to reason that it should also be severe when it is used to benefit the club and gain an unfair, fraudulent advantage. So points deductions and demotion all the way to expulsion should all be on the table.
I do like
@JPRouve suggestion that Saracens should be the precedent, though I would use that as a baseline punishment in the event they are found guilty.