I'm hopeful the 14 remaining teams and the Premier League will ratify some changes that ultimately lead to 6 new teams added to the division over the next few seasons.
There needs to be action taken the likes of which we've never seen before. There can be no way back for them.
If and when they want to return, it should be as a brand new football club which applies to join the football league right at the very bottom (8th/9th division or however low it goes), and no guarantee that even the new version of their club gets accepted.