Well it was both. The initial fine was the sponsorship was too high. Further investigation stated it was do high because the owner was paying most of the money (or so they felt).
What CAS have shown today, was the assumptions UEFA made on fraud and market value dont stand up in a court of law.
For them to be able to impose fines etc on any club moving forward, it would need to be a qualitatively clearer breach than Citys. That would be hard to do, as City almost went out of their way to seemingly break the rules, in the hope they would facilitate this situation.
Maybe UEFA will try to save face and try to stick.to FFP for a bit. But this is as significant as the bosman situation, where clubs could no longer demand fees. Their days of charging teams for breaches relating to sponsorship (though in honesty with anything else) are now long gone.
If your Usmanov, sponsor Everton how you want, when you want, for as much as you want, and theres nothing they can do about it.