Nah they are ****ed this time. Ni way the PL get embarrassed again, the rumours are -12 (they always seem to get halved on appeal).
I think they will get really hammered. They have rolled the dice and been caught out, have done it more than once and have tried to obfuscate their behaviour by playing one set of rules off against another. On top of that they did not play the "full co-operation" game. They went legal. The halving on appeal has apparently been done in other cases as a recognition of the club accepting their guilt, but Leicester have never done that, and instead have done the opposite. They are in big trouble.
They should get hammered but the Man City case is still lingering like a ****ty smell in the background of every PSR decision. If these get hit with 12 points, likely halved after appeal as you say, the man city punishment should be on a sliding scale based on that. It's interesting that the premier league are pushing for a higher deduction.