Liverpool manager Jurgen Klopp has suggested if Financial Fair Play is no longer about revenues then someone could spend "a billion a year of his own money".
The alleged breach was in relation to the overstatement of sponsorship revenue and the break-even information submitted to European football's governing body for the period between 2012 and 2016 but CAS found most of the allegations were "either not established or were time-barred".
Klopp insisted his objection was not against City themselves but on how the whole system would now operate.
"I don't want them to lose money, it is just that if there are rules then I think that we all stick to it and not only some," he said.
"If you say, 'come on, forget it, we don't have to look at what someone is spending' then there will be people with a lot of money who will be very influential.
"It is not about revenues any more; if someone is ready to spend a billion a year of his own money then that is how it is.
"If you agree on a specific rule but open the gates so you can do whatever you want then we all have to find solutions for that.
"But when we agree on FFP - and that's what we did - and you are not happy with FFP afterwards that makes no sense as well.
"There are some rules and we should try to stick to it."
Klopp insists he is not concerned about the consequences for Liverpool, who have kept within the guidelines and posted after-tax profits of £29m, £106m and £39m in the last three seasons.
However, he admits he is grateful the club ended their 30-year wait for the title last month as he expects a more difficult task next season, especially as his own transfer spending is likely to be low.
He said: "I am not worried for Liverpool in the sense I think, 'Oh my God, what can we do?
"I am really happy we won the championship this year because it will not be easier if something changed.
"Strengthening the squad you talk about like it is something I just have to ask for and somebody opens the well and away we go.
"To strengthen the squad you need money and these are uncertain times. Obviously, uncertain times means for some clubs we cannot do what we would do in non-uncertain times.
"Ask me can we develop the squad and it is probably possible, but only with real money.
"We have talents ourselves, big talents, and players who can make big steps in our squad. But buying now?
"Just go out there and name whoever you want, whatever the player is, go for it? That is really difficult.
"We did not invest a lot in the squad last year and that was before Covid.
"If we have money, we will spend. If we do not know if we will have money, we probably will not spend that much. That is how it is."
"It's something we have to look at, how they did it, because it's a great example"
Meanwhile, Arsenal manager Mikel Arteta says the club should take a leaf out of Liverpool's book and emulate the rebuild job undertaken by Klopp.
Klopp, who took over in 2015, guided Liverpool to a first league crown in 30 years this season after having won the Champions League, Super Cup and Club World Cup last year.
"What they have done is phenomenal. Obviously, it took them some time to rebuild the squad and create a new culture, a new philosophy and a game model that suited the coach," Arteta said ahead of tonight's clash between the sides at the Emirates (8.15pm, live blog on RTÉ Sport).
"They started to recruit every single player in relation to what they needed and where they were really smart is they bought a specificity for every position ... and financially they had big backing and made big signings, which changed the club.
"The context right now is different to what it was four years ago and the abilities for a club to rebuild something are more limited, but certainly it's something we have to look at, how they did it, because it's a great example."