Well, one of three things is going to happen.

(1) UEFA will not be able to find anything that is against their rules, and City will get away with it. As a consequence, every other "big" club, plus Spurs and QPR, will look to copy this. Arsenal will once again play King Canute.

(2) UEFA will find something wrong in private but not announce anything. Instead they will change their rules to allow scenario 1 to occur.

(3) UEFA will find something wrong, grow a "pair" and kick City out of any UEFA sanctioned tournaments.

[N.B. I have listed the three scenarios in order of most likely occurrence.]