Point deduction and hefty fines definitely.
By supporting Suarez in the manner they're doing, Liverpool are making a mockery of "Kick It Out". They're supporting a player who admitted to racist language so it's as if they're saying, "it's okay to say racist words really." If one of our players did it, I'd probably want them sacked straightaway and I wouldn't care who the player is, you can't excuse racist behaviour.