Explaining why Everton's points deduction was so high, the commission said in its written reasons that the cause of the club's issues was because of overspending - largely on new players - along with an inability to sell players, and a lower than projected league finish.
The Premier League had argued for a 12-point sanction for the club.
The club's 16th-place finish in 2021-22 caused a loss of expected income of around £21m, the reasons state.
The commission added: "Everton's understandable desire to improve its on-pitch performance (to replace the non-existent midfield, as Mr Moshiri put it in evidence) led it to take chances with its PSR position.
"Those chances resulted in it exceeding the £105m threshold by £19.5m.
"The position that Everton finds itself in is of its own making. The excess over the threshold is significant. The consequence is that Everton's culpability is great.
"We take into account the fact that Everton's PSR trend over the relevant four years is positive, but cannot ignore the fact that the failure to comply with the PSR regime was the result of Everton irresponsibly taking a chance that things would turn out positively."
The commission ultimately found Everton's failure to comply with the Premier League's "generous threshold" was down to their own "mismanagement".
The chair of the commission, David Phillips KC, also referenced applications for financial compensation from current Premier League clubs Burnley and Nottingham Forest and last season's relegated sides, Leicester City, Leeds United and Southampton.
Phillips said he was "satisfied that the applicant clubs have potential claims for compensation" - but noted the commission holds no "inherent jurisdiction" and it is instead "the role of the Premier League to bring and prosecute complaints".