If we were to avoid punishment altogether or else be subject only to what's clearly a very minor sanction, that would clearly be rather humiliating for the PL. However, in terms of how matters might then unfold, much would depend on how the Panel framed its final determination. A suggestion that the PL clearly had legitimate concerns in making the accusations it did, even if it wasn't able to prove them in the end, would merit comment that differed significantly from the reaction to a suggestion that the PL had simply wasted everyone's time in prosecuting these matters.
Then there's the issue of whether mainstream media outlets, which until now have almost universally shown no desire to report the accusations against City honestly and in good faith, will be inclined suddenly to be truthful and accurate in reporting any overwhelming ruling in City's favour. Hopefully at least on the part of the club, there'd be a willingness to drive home the message of resounding vindication should the Panel's words allow us to.
Still, it has to be a case of wait and see at present IMO. I'm still at the stage for now of hoping that for the Panel to issue a determination whereby City avoid any meaningful sanction. Let's worry about the rest of it when the time comes.