I suspect they will get a points deduction which will mean they will finish lower mid table this season, a massive fine and a transfer embargo for a year or two and that will be that. I can't see them being expelled from the Premier League as where would they play?
What they have done is change the whole financial set up the Premier League by inflating their earnings according to this report so that they could buy players and pay them wages they could not really afford. And in so doing leading to other clubs following along in the fear of being left behind.
Personally I'd like to see the owners declared unfit as owners and the club put up for sale.
I'd also like to see the government start taxing the income of the premier league at a higher level. If they can impose windfall type taxes on banks etc then they could apply a similar ruling to football. The earnings are completely obscene and need to be addressed.