The penalties for a Circumvention under Article 26 range from team fines to player fines to forfeited draft picks and games to the voiding of SPCs and even suspension of a team employee, player or player agent.
Several responses are in order: First, while the contracts have, in fact, been registered, their structure has not escaped League notice: those SPCs (standard player contracts) are being investigated currently with at least the possibility of a subsequent withdrawal of the registration.