The problem with speculation about potential punishment is that there is nothing in the PL Handbook about the scale or severity of sanctions. UEFA published a clear tariff of penalties for failing FFP, dependent on the seriousness of the breach and whether it was a first or repeat offenc, so we can safely talk about the scale of any punishment in that situation. Everton may try to use that as part of their appeal.
But the PL doesn't, so in my opinion it's unhelpful to speculate, using words like 'relegation'. And, being pedantic, the PL can't relegate us, as they don't control the lower leagues. As with Bury and the EFL, they could potentially expel us and we'd have to apply to the EFL.
I know it's easy to be wise when you're not the one in front of the camera or microphone but I think my answer to the "What will happen if they're found guilty" question would have been something like "We just don't know. It will totally depend on whether we're found to have breached any of the specified rules in any of the specified years. There are no indicators as to potential sanctions in the PL's rules but, at the very, very worst, there's the possibility we could be expelled from the PL. But that would involve quite an egregious breach of those rules and I don't see that scenario as a likely outcome. Even in (in my view) the unlikely event that we are found to have committed a minor breach, the punishment should be proportionate".