Me personally, I think it should be the Third Division. For Charles Green trying to persuade clubs about the amount of money the League will lose is poor. Whatever money is involved in Scottish football now is probably contracted and is unlikely to change by much if it is allowed to. Think of what money the teams from the Third Division will gain by playing Rangers, a lot more than what they would receive from the SPL coffers with Rangers in the Premier.
How many Premier teams are now looking at finishing second to Celtic in the league with the rewards that brings. Champions League, even if it is only one round it is going to be there for three seasons at least.
The rules are the rules and just because it is Rangers, a massive team with an illustrious history, it should not mean that they should not be punished the same way as any other club would be if they had done the same.
Also, whatever happens after July 4th, if FIFA and UEFA do not think the sanctions are tough enough then they may well impose their own punishments for taking the initial appeal to the law courts and not keeping it in house with the Sports Arbitration Courts..
Hard times are ahead for Rangers, although it may well be for only four seasons it will be hard.
Whatever happens I hope they survive but they do need to be punished..