So do we think they will actually be banned from the champions league and/or Europa league for two years?
Can't see it myself, think the fine will be raised and the may be forced to play in a qualifier.
Their fans won't be too fussed as their attendances of champions league games is pretty poor.
Although saying that other teams have been banned from European competition due the same thing.
Relegate them that will hurt them financially and deny them parachute payments.
As it is a UEFA sanction so they don't have the power to relegate in a domestic league. However, irrespective of home crowds, the loss of Champions League TV money will hurt them severely. Even more so if another domestic team receives it instead for replacing them. The top players also might start to look for teams that an offer Champions League football so it will also affect their recruitment and retention policy in the medium term.
EDIT: I see the EPL will now investigate with the possibility of them being relegated. Maybe they can take Bury's place in L1?
EDIT2 : They earnt €93m during last seasons Champions League campaign.