So much has been said about Manchester City since it was revealed they had been found guilty of the majority of the 115 Premier League charges levelled at them.

On Tuesday, it was confirmed that an independent commission found City guilty of all charges relating to breaches of the league’s financial regulations between the 2009-10 and 2017-18 seasons. The club has repeatedly denied guilt.

Their potential punishment has been debated, the future of the owners questioned and the feelings of the rest of the league – and wider football world – have been aired.

But so far there has been little focus on what it means for one crucial group.

Their current squad.

Without definitive clarity on what sanctions the Premier League will impose, pending City’s inevitable appeal, which must be lodged by Friday, there is uncertainty over their ability to retain players, renew contracts, and make transfers – and whether any of the team have release clauses.

Put simply, will players want to join? Will current players want to stay?

BBC Sport has spoken to a number of sources in an attempt to understand how the recent judgement will impact City’s dealings in the transfer market and how existing players may approach their futures with the prospect of losing Premier League status hanging over the club.

The general train of thought is that any drop down the leagues for City will result in a mass exodus.

That players will, at the very least, consider their futures at Etihad Stadium in the event of demotion would be understandable.

The squad is brimming with international talent, many of whose profiles and personal sponsorship agreements benefit from plying their trade in the Premier League.

The reaction from current members of the City squad varies depending on who you speak to.

From the conversations BBC Sport have had with sources close to the first team, there is certainly a significant level of concern as to how they will be affected.

Given the scathing tone of the Premier League’s statement on Tuesday, there is major scepticism from people close to the players that the forthcoming appeals will earn the club any reprieve.

But there are others who absolutely believe in City executives Khaldoon Al Mubarak and Ferran Soriano’s vows to prove the club’s innocence.

For those players who decide they don’t want to drop down the divisions, should it come to that, the process of leaving is unlikely to be straightforward.

Firstly there is the contract and the player registrations. City, regardless of each individual’s view on whether they want to depart, have the right to demand transfer fees.

Given how much those players are worth in terms of wages and their general value in the market you’d imagine City are unlikely to accept being undercut.

That, as BBC Sport understands, the majority of players do not have relegation clauses in their contracts also plays into the club’s hands.

But it is also understood that as a general rule the players’ contracts are fully guaranteed, meaning they would not be required to take percentage pay cuts if they lose their top-flight status.

With one of the highest wage bills in the world, maintaining that level of salary expenditure, even for a club as financially capable as City, will become harder without Premier League-level income.

Parachute money could ease those concerns, although there are no guarantees that the club would be entitled to those payments if they are demoted.

With that in mind, City deciding to keep the squad completely intact should they move down the leagues appears unlikely.

How amenable City are to selling players will be dependent on how bullish they are about it all.

Are they a distressed seller? Probably not. They still hold strong control of the situation regardless of how their players may feel.

It is unlikely the club will just simply roll over and let disillusioned players depart without suitable offers because, ultimately, they can ride the storm financially.

Players will have massive decisions to make too, not just in respect of leaving.

City are big payers, and other clubs may not be willing to meet similar wage demands.

“Some players want medals, all players want money,” one agent said to BBC Sport.

In terms of potential contract renewals, the current uncertainty over what sanctions will be meted out provides a major element of risk.

Amending a contract retrospectively, say for example to include a relegation clause, generally cannot happen.

Any deals that include exit strategies for players if the club fall out of the Premier League would have to be negotiated as new contracts.

Players will likely want to wait for clarity on the sanctions before entering into contract discussions, adding a layer of difficulty for the club.

One way round persuading a player to renew would be to offer a significant financial incentive to re-sign to negate the risk of relegation.

But a number of agents who spoke to BBC Sport believe players will be advised to wait for clarity on the punishments before even considering opening talks.

Thankfully for City, only Mateo Kovacic, Matheus Nunes, Marcus Bettinelli and Geronimo Rulli have contracts expiring in the next two summers, so that issue isn’t as urgent as it could have been.

City’s potential challenges with player contracts comes with Fifa preparing to introduce new rules that state every deal signed on 1 January, 2027 or after must include a release clause.

The looming punishment certainly complicates City’s plans in the transfer market.

“This isn’t the players’ failing, it’s on the club. Potential new signings aren’t even in the building and joining City without knowing what the punishment would be represents an undeniable risk, so any new contracts would have to have indemnities,” said one leading agent.

It was acknowledged that writing eventualities into new registrations is very difficult, though City players do have release clauses in their deals should the club enter into administration.

Until a post-appeal verdict over sanctions is made, making new signings will certainly become more complicated, though it is still likely they will be able to attract big players as they still have the financial muscle to do so.

For example, one potential method of persuading a player to join would be to offer them a contract on big money with no pay decreases if the club are relegated, and then include a fixed fee release clause if City don’t return to the top flight within a set period.

If sanctions ensure relegation and include further points deductions that stretch over multiple seasons, attracting top players will of course be harder.

City could make a wage package hard to resist for elite players, but it seems inconceivable that a footballer of that ilk would join with demotion a possibility as there are likely to be other top options elsewhere.

The same logic can be applied to the retention of their current squad.

There is almost certainly going to be interest in their top players from other elite clubs across Europe. It will be very difficult for City to keep that level of player in the coming months and years while the saga plays out.

So with all that said, particularly if relegation is confirmed, City will have to rebuild their squad to some extent, though the prospect of a transfer embargo as one of the sanctions would prevent them from making any signings at all.

Such a rebuild may include the promotion of some of the club’s best academy players, who stand to benefit if the first-team squad disbands.

When Chelsea were placed under a transfer embargo in 2019, the likes of Mason Mount, Tammy Abraham, Fikayo Tomori, Billy Gilmour and Callum Hudson-Odoi all emerged as senior players.

And while City may look to rebuild with a profile of player they believe will be adept at being successful in the EFL, you will likely see a number of their younger players fast-tracked.

With that said, a number of clubs are already working on seeing if they can capitalise on the current uncertainty by luring City’s best academy talent.