Here, four of our writers give their opinion...
Third Division, says MATTHEW LINDSAY
STARTING off Rangers newco in the Third Division will satisfy those in Scottish football who yearn, disingenuously or otherwise, for 'sporting integrity'.
It would help to draw a line under this whole sorry crisis once and for all and allow everyone involved in the sport to focus their attentions on rebuilding our national game.
Starting off at the bottom would also give the Ibrox club the time it needs to rebuild, on and off the pitch, after such a traumatic spell.
Could the Light Blues really survive, never mind challenge for promotion, in the second tier just now? I doubt it.
No, start them in the Third Division and let them work their way back up the leagues. Their rivals, too, will welcome them with open arms.
First Division, says RONNIE CULLY
RANGERS should be dropped into the First Division, not because it's what they deserve, but because the rest of Scottish football does NOT deserve to be punished by their removal all the way to the Third.
The ripples currently spreading out from the financial disaster which the Ibrox club have created could soon swell to a tidal wave, swamping everyone from top to bottom.
The rules have already had a coach and horses driven through them, so why not go further and re-write them to benefit all, not just one club?
Scottish football has one chance to help itself, an inflicting more harm is a game plan which can only have one result.
Impose other sanctions to augment the punishment, but limit the damage by making it Newco in One.
Third Division, says ALISON McCONNELL
AMID the posturing, the endless debate and the 'sporting integrity' arguments, the bottom line is that there is an overwhelming opinion that Rangers must start over again in the Third Division.
Had any other club in the SPL – outwith Celtic – found themselves in this position they would already be sitting in the Third Division.
It cannot be any different for Rangers. They will be badly missed in the SPL – and the finances they bring even more so.
But they are a new company and must start at the bottom.
Any other decision risks sparking anarchy within the game. Fans have made their feelings on this issue abundantly clear and it is now up to them to stand by their own team and raise the revenue streams that will go some way to compensating their clubs.
First Division, says THOMAS JORDAN
SENDING Rangers down to the Third Division could spell the end for a host of SPL clubs.
So the best solution might be to parachute the Ibrox club into the First Division but to impose further sanctions such as upholding the initial transfer embargo or imposing a further points deduction ahead of the new campaign.
It is, without a doubt, a very difficult task to find a middle ground which satisfies the demand for 'sporting integrity' along with financial reality.
And the whole sorry affair could have been handled so much better by everyone involved.
Rangers simply can't be allowed to drop a division and carry on as if nothing has happened. Sanctions in exchange for a place in the First Division are the best solution.