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South Africa was semi-banned from playing the international cricket due to their government's racist policy (1970 -1991) so as far as banning decision goes yeah I think it's possible.
Things can go from bad to worst for CSA if a banned is imposed by ICC. I do not think ICC will go ahead and ban them straight away because the issue here is related to corruption with in CSA as per the article. ICC would give some time to CSA to get this issue resolved befor taking any action.
Yeah ICC and CSA don't want this and will try to avoid such scenario, as of now CSA first option is to challenge The South African Sports Confederation and Olympic Committee (SASCOC) legally and see what happens, if things goes south then CSA is $%ked for sure.