I'm sure Michigan will file for a temporary stay. However, the judge will do exactly what the Institutional Governance Standards sets forth by granting said punishments.
No different than the judge did in the Oregon St/Washington St PAC 12 situation when they requested that the universities that had already declared they were leaving lost any votes regarding remaining PAC 12 assets. It was in their by-laws and was granted.
The PAC 12 departing schools agreed to it when they signed it.
Just like Michigan agreed to follow the Big 10 Institutional Governance Standards when they signed it.