Does anyone think that will happen? At the most, Red Bull would lose their points but the drivers wouldn't - there is precedent for this in 2007, of course, where McLaren had their points removed but the drivers kept theirs. Realistically, the team will be fined.
Going forward, it seems to me that the best approach to overspending is to reduce the allowed budget going forward for any "naughty" team. For example, Team A overspends by $2m, so reduce their budget allowance by $2m for the next 3 years. That would focus the teams on not overspending as it would impact them for more years than they would gain from it.