My lawyer friend says City are deep in it and without doubt, will get done for it. In fact, the last couple of seasons they've tried to do swap deals because they knew it would catch up to them. They pay players a salary through another Sheikh owned company and sponsor themselves well beyond any normal sponsor. They'll be hit with a massive points deduction and not make CL. It's at a point that the EPL has to do it because the other clubs can and will sue the EPL.
Chelsea will get stung too in the near future because if a player flops and they need to cover that loss, someone will have to pay huge fees and that simply won't happen. They're already in trouble for not letting Ziyech go to PSG, this Yankee is taking Chelsea to administration.
For the corruption in the EPL, at least there is a platform for clubs to come together and put pressure on the league. If that were the case in Italy, clubs that do deals with us and take our loan players would come out in support but it's a death wish to come forward.