There is so much prestige in the Champions League and so many strong actors and a strong lobby that I highly doubt that Manchester City will be disqualified. Think about it, all those other clubs that are frequently crossing the lines financially won't be interested in Manchester City being turned into a precedent. If that happens once, they all have to fear the same or similar judgment. I think that there is a strong lobby trying to bend the facts in favor of Manchester City.
I agree with you, at most it can be argued that Manchester City is being too aggressive while disregarding the rules, but it should be obvious that most clubs are doing more or less the same or they will be unable to compete with them at all, so it is not on the best interest of the biggest clubs around the world that such a big deal is made about those accusations as they know they could be next if this were to happen.