Part of me thinks that all breaches should have both a fine and a points deduction. Something like 1 point for each £10k.
This could mean that even small breaches would get a points deduction - but, the deduction would be very minor.
I also think that you should lose your overspend amount from a future years cap. So, going over in one year means that you have a reduced cap in a future year.
It is interesting that in the season we went over, we ended up in 10th place on equal points with Worcester on 11th. So, overspend does not = good results.
The following season, we ended in 5th place. We were on the same points as Saints (4th place) and Bath (6th place). So, we made it into the Heineken cup. But, had we had any points deduction at all (even 1 point), then we would have dropped to 7th place and Sale would have gone into the Heineken cup.