It's unprecedented.
The fact Guardiola left at the end of last season and they stocked up on players over the summer means they likely saw this coming or at the very least anticipated it would be coming. None of it sounds good and despite their statement of defiance, something should and likely will be done in terms of punishment.
Could care less about stripping titles. You certainly can do that, but awarding titles to Liverpool, Man United, Arsenal, etc. rings hollow. Relegation, transfer limitations, financial fines. Everything is on the table.
Chelsea should be next.