Does it make sense for the PL to destroy City as a club? That's doubtful, for City are an important part of the history of the PL, attract big names and make the league stronger. If they strip us of the titles, they strip the PL of iconic moments like Aguero's goal and iconic title races. The PL would lose more from the worst case scenario than win.
But it makes sense for the PL to weaken City seriously and make the league more competitive. Therefore, the most likely outcome won't be expulsion from the league but heavy sanctions which will seriously harm our buisiness for 3-4 years or so: points deduction, no CL, transfer ban, etc.
Try to understand what makes sense with regard to the image of the PL and you can understand better what's likely to happen.
Now, one can argue that it makes sense for the top 6 that City are relegated and stripped of the titles, especially for Liverpool and United. That's correct. But they are not the PL, plus they also care ultimately about the good image of the PL. What makes sense wrt the image of the PL does not (necessarily) coincide with the private interests of the red clubs.
Personally, I expect heavy sanctions for the club, but no relegation and no stripping of titles.