As I see it, the club can be penalised, but the players can't be
I don't the club can be forced to release players as they're all in contract.
They probably also can't reduce any of their wages as again they'll all be in contract.
I suppose they could potentially be forced to release players, and pay their contract off, but that seems unlikely.
Any player released may not be able to pick up another club given that few will have salary cap space.
It'll be an interesting judgement