I feel like the EFL know they've been heavy handed and are worried about this new regulator coming in and bollocking them about it. It's been acknowledged by journalists and fans that the penalty was strong and given that the club feel confident they have the evidence to show its all in order, the EFL might now be regretting going in so hard if the argument is to protect the financial stability of the club going forward.
That being said, we don't know what constitutes "evidence" and whether that was just paper talk to satisfy fans, who the club sent to represent them at the hearing (please, don't let it be Acun) or what was said in the hearing (not sure if minutes ever get published, I assume they don't).
If I had to predict the outcome, I would think the sanction will be something like Oxford's, with it being suspended for one or two seasons. We aren't repeat offenders, the club did pay the outstanding monies (eventually), so the only question mark will be over long term sustainability. That's where my worries lie, however, we can point to players like Hughes and Pandur as assets worth enough that by selling them, we could continue to exist.
And that's just it, isn't it? The EFL aren't here to make sure we remain in the Championship, they want to make sure we don't go pop to make them look bad. Because I look at Morecambe, who were in the EFL for 14 years and had financial difficulties from around 2020 up to the present day, and the EFL were quite happy to let them continue without stepping in. It's only now they're in the National League and are no longer the EFL's problem that the real issues are coming to light.