The company is liable as much as the directors are. I dont expect - yet - any major sporting punishments, but there will be fines etc for the company as well as potentially prison time for some of the directors. Not yet convinced itll actually go to prison time but the latest report is that arrest warrants are being prepared.
I expect a sporting case will soon open up, and from that, I wouldnt be surprised if some things were issued. The scale of the debts and losses, and given that it was not "really" in an FFP year anyway, I dont think relegation is an option, but potentially heavy fines and points deduction. Remember, if they even drop out of the CL for one season, their financial house of cards will get EVEN WORSE. The best thing for Juve is not relegation, but Europa League. Where they STILL Have to comply with financial restrictions - Serie B, as far as I'm aware, has nothing like the financial restrictions - that's one of the reasons why Milan managed to not do as badly as Inter with FFP settlement agreements in recent years.
Making them play in the EL, with heavy restrictions and forcing them to sell players to be compliant, lots of suspended fines etc, would be beautiful