No punishment is ever going to be proportional to what they've done to the sport, but it's still important for the recording of history and for the sake of justice that the league's regulators get this right.
One good thing about them getting penalised is that Pep will probably never be inducted into the PL Hall of Fame. Going to be Wenger and Ferguson forever in there and no one else, as it should be. Ranieri can have a spot too.