Premier League clubs are seeking legal advice about compensation from Manchester City over the case.
One source, who held a senior executive position at two Premier League sides, said they expected clubs to submit individual compensation claims against Manchester City.
Another leading lawyer told the that process could even be centralised by the league.
Premier League rules allow clubs to seek legal action against each other for compensation.
In June, Everton were told they must pay Burnley £35m after they broke PSR over a three-year period.
Burnley argued the breach impacted their chances of staying in the Premier League, and sought compensation for the losses associated with being relegated.
Everton are appealing, with sources previously saying they would “robustly and thoroughly” contest the ruling, but it provides an interesting backdrop to the Manchester City case.
There is uncertainty over a statute of limitations, which would set a cut-off point for claims.
Arsenal, Manchester United, Liverpool and Tottenham Hotspur reportedly preserved their rights to claim compensation two years ago.
This is not just about Manchester United (twice) and Liverpool, who finished as runners-up to City in their title-winning seasons.
It is about those clubs who just missed out on the Champions League, or failed to make Europe, or even those who were relegated.
And it could even result in claims over the prize money for each Premier League place, or the potential commercial earnings lost by rival clubs.
Kieran Maguire, professor of football finance at the University of Liverpool, told Sport it would be considered a “denial of an opportunity” by complainants.
Maguire explained that the “statute of limitations is not referenced” in the Premier League’s traditional handbook, though that could be subject to a legal challenge from City.
But what of the compensation? Just looking at Champions League qualifying could bring huge financial claims.
“The Champions League in those days was worth a minimum of £30m,” Maguire said. “I think by the time we got to 2018, it was probably worth £60m or £70m, and that’s in prize money.
“On top of that, you could claim for loss of gate receipts, loss of sponsor bonuses. This is highly unlikely, but it’s certainly being discussed.
“Players get bonuses for qualifying for the Champions League. Those bonuses, if you talk to people connected to the elite clubs, are normally in the region of 25%.
“An average salary in those days would probably, if you go back to 2012, be in the region of £80,000 or £90,000 a week. Twenty-five percent of that is four or five million pounds a year. That’s how the issues stack up.”
Points deductions, fines, and compensation claims.
This is an extremely messy situation for the Premier League, and it does not look like being resolved anytime soon.