To be clear, I'm not suggesting that's a *likely* outcome. But the path to it would involve the possibility, which AIUI does remain, for them to get two points deductions, for both the 22/23 and 23/24 seasons. My understanding of the current situation, based on the White-Jordan-Borson chat last week, was that Chelsea have not yet gotten official approval for including the revenue from the sale of those hotels towards their PSR calculation, and that if that approval is not granted (and I have no way of knowing how likely or not that is) they will have failed their 22/23 PSR calculation by nearly £100m, and if they can't include similar transactions for 23/24 they could fail again by an even larger number. This would surely have to occasion pretty much the largest possible points deduction. Again, I have no way of knowing how likely that is, but it is at least *possible*.
If two points deductions were combined with an inability to sign enough in the quality to replace players heading out, and also perhaps with failing to manage the Thursday-Sunday routine if they get into the Europa League or Conference League, you could get problems. After all, West Ham weren't a million miles from going down last season; if they'd had a couple of big points deductions as well they'd have gone. I wouldn't bet on this outcome, but I also don't think it can be ruled out completely, at least not yet.