Manchester City's guilty verdict over breaches of Premier League financial regulations has raised major questions about potential sanctions, the club's ownership and their future in English football.
But one of the biggest uncertainties surrounds the players themselves.
An independent commission found City guilty of all charges relating to breaches of the Premier League's financial regulations between the 2009-10 and 2017-18 seasons. City have repeatedly denied wrongdoing and have lodged an appeal.
Until that process is concluded and any sanctions are confirmed, uncertainty will remain over City's ability to retain players, negotiate new contracts and attract signings.
The key questions are simple: will elite players still want to join Manchester City, and will their current stars want to stay if the club is demoted?
If City are relegated from the Premier League, their squad could face some significant decisions.
The team contains numerous international stars whose profiles, careers and personal sponsorship agreements benefit from competing at the highest level.
Sources close to City's first team have indicated there is significant concern among some players about how potential sanctions could affect them.
There is also scepticism among some people close to the squad that City's appeal will bring substantial relief following the Premier League's strongly worded statement.
Others, however, continue to believe chairman Khaldoon Al Mubarak and chief executive Ferran Soriano can successfully defend the club's position through the appeals process.
Even if players decide they do not want to remain following a potential demotion, leaving would not necessarily be straightforward.
City would retain control over player registrations and could demand substantial transfer fees for contracted players.
It is also understood that most of City's squad do not have relegation clauses in their contracts.
That strengthens the club's negotiating position.
However, player contracts are generally understood to be fully guaranteed, meaning salaries would not automatically be reduced by a percentage if City lost their Premier League status.
Maintaining one of football's largest wage bills without Premier League-level revenue would create an additional financial challenge, even for a club with City's resources.
Parachute payments could potentially provide some support, although there is no guarantee City would qualify for them if their relegation came through a disciplinary sanction rather than league position.
Keeping the entire squad together following demotion therefore appears difficult.
City would not necessarily become forced sellers.
The club could still demand what it considers appropriate transfer fees, regardless of whether individual players wanted to leave.
Players would also have their own financial decisions to make. City pay significant salaries, and prospective buyers may not be prepared to match those wages.
"Some players want medals, all players want money," one agent told BBC Sport.
That balance between sporting ambition and financial security could become an important factor if City are sanctioned.
The uncertainty surrounding potential sanctions could also affect contract negotiations.
Existing contracts generally cannot simply be amended retrospectively to introduce new relegation clauses. Any exit provisions linked to losing Premier League status would therefore need to form part of newly negotiated agreements.
Players could consequently decide to wait until City's punishment and appeal process are resolved before committing their futures.
One potential solution would be for City to offer substantial financial incentives to compensate players for the risk associated with signing new contracts.
However, several agents believe players are likely to be advised to wait for greater clarity before entering negotiations.
City are relatively well protected in the short term.
Only Mateo Kovacic, Matheus Nunes, Marcus Bettinelli and Geronimo Rulli have contracts due to expire across the next two summers.
The situation also comes as FIFA prepares to introduce new regulations requiring every contract signed from 1 January 2027 onwards to contain a release clause.
Recruitment could become another major challenge.
"This isn't the players' failing, it's on the club," one leading agent told BBC Sport.
"Potential new signings aren't even in the building and joining City without knowing what the punishment would be represents an undeniable risk, so any new contracts would have to have indemnities."
Building protection against every possible outcome into new contracts could prove complicated.
City players already have release clauses that can be activated if the club enters administration, but dealing with possible relegation or other sporting sanctions presents different contractual issues.
City's financial strength means they could still offer attractive packages.
One possible approach would be to offer a lucrative contract without an automatic salary reduction following relegation, combined with a fixed-fee release clause if City failed to return to the Premier League within an agreed period.
However, recruitment would become considerably more difficult if sanctions included relegation alongside points deductions lasting multiple seasons.
Elite players are likely to have alternatives at clubs competing in the Premier League and Champions League.
The same problem could apply to City's existing stars, who would almost certainly attract interest from major European clubs.
If City are forced to rebuild their squad, their academy could become increasingly important.
A potential transfer embargo would make that even more significant because City would be unable to recruit replacements from elsewhere.
Chelsea's 2019 transfer embargo provides a notable example of how restrictions can create opportunities for academy players. Mason Mount, Tammy Abraham, Fikayo Tomori, Billy Gilmour and Callum Hudson-Odoi all became prominent members of the senior squad during that period.
City could face a similar situation.
Young players capable of competing in the EFL could be fast-tracked into the first team if established stars depart or recruitment becomes restricted.
However, City face another challenge: rival clubs are already exploring whether the uncertainty can be used to attract some of their leading academy prospects.
Much will depend on the outcome of City's appeal and, crucially, the sanctions ultimately imposed.
Relegation, points deductions or a transfer embargo would each create different challenges for squad planning.
City retain considerable financial resources and contractual control over many of their players, meaning an immediate fire sale would not be inevitable.
But prolonged uncertainty could make contract renewals and recruitment increasingly difficult while encouraging rival clubs to pursue City's established stars and academy prospects.
Until the appeals process concludes, Manchester City's squad faces the same fundamental uncertainty as the club itself: nobody yet knows exactly what the consequences will be.
