City have been found guilty by an independent commission of all charges relating to serious financial breaches covering 2009/10–2017/18.
The club reportedly used sham contracts to inflate finances by over £900M and the side could be severly punished if their appeal does not work over the coming months.
City continue to vehemently protest their innocence but the evidence is damning as clubs demand they are kicked from the Premier League and stripped of their titles.
Carragher is the latest pundit to give his thoughts, as he suggested the club be punished over multiple seasons in what would be a brutal blow for the side who could theoretically bounce right back after relegation.
“If the people talk about (a penalty of) 80 points or 100 points, but that’s just over one season that gets you relegated and then you come back again.
“And I think players, a few of them would leave, but I think some of them would say, ‘I could put up with that for a year’.
“But I think, because this has gone on for so long, I do think the punishment should be over a number of years, three to five years, and then players would move on.”
City currently top the 2026-27 Premier League table after winning all five of their opening fixtures and if a punishment did come, it must come this season to stop the side from lifting the league title if it is proven they cheated.
The club can expect a hostile atmosphere at Anfield as they face Liverpool this weekend in a clash where fans will make their voices heard about the charges.