I thought these were the penalties:
Reprimand / Warning
Fine
Deduction of Points
Withholding of Revenue from competition
Prohibition to register new players for competitions;
A restriction on the number of players that a club may register for competitions...
I think they will come down hard on any teams that heavily flout FFP, if promoted or not, and those that are, are risking a mighty fall with fines and point deductions. It may be that next season if we are in the Championship, that our biggest rivals in promotion suddenly get massive points...
If anyone doesn't understand the FFP by now, no matter how many times it is repeated they will never understand. Not because they can't, just because they don't want to.