Initially, the club insisted they had done nothing wrong and said they would appeal but this was later withdrawn and their punishment accepted.
Premiership Rugby, which runs the English top tier, said that Saracens will finish the current season before being dropped down to the second-level RFU Championship.
Exeter Chiefs were beaten by Saracens in the last two Premiership finals and the team's chief executive, Tony Rowe, told the BBC people should not feel too sorry for the club.
They could not prove they were compliant with the salary cap, having failed to release any of their high-earning players from the squad, and chose to accept relegation.More news: Ghosn lawyers rebut new Nissan claims against fugitive exec
However, it is understood that offloading players to rival clubs is proving hard as the other competing teams in the Premiership would subsequently exceed the salary cap if they were to take on any of Saracens' squad.
Saracens interim chief executive Edward Griffiths said no decision has been made on the club's future amid reports that the club are on the verge of automatic relegation from the English Premiership at the end of the season.
"At the same as enforcing the existing regulations, we want to ensure a level playing field for all clubs in the future, which is why we have asked Lord Myners to carry out an independently-led review of the cap".
Few clubs inspire such loyalty as Saracens but it is nearly unthinkable for any of their England internationals to remain at the club playing second-tier Championship rugby. "I and the rest of the Board are committed to overseeing stringent new governance measures to ensure regulatory compliance going forward".More news: Official 'Fortnite' skin of Tyler 'Ninja' Blevins is out now
At the moment England pick only players from the Premiership.
As first reported by the Guardian, the RFU have said that the head coach Eddie Jones will be able to call-up Championship players for worldwide Tests.
It throws up huge doubts over the future of some of the Premiership's biggest names, who have all tasted success with Saracens over the club's recent period of dominance - including a domestic and European double last term.More news: Ex-Congress member Chris Collins sentenced to 26 months in prison