I highly doubt anything comes of this. That said, a couple of things:
1) Since Rodgers has 4+ years of NFL service he would not be subject to waivers. He would be an unrestricted free agent.
2) It does not appear that this infraction would be subject to a fine, forfeiture of picks, etc. instead of free agency. This is a provision of the CBA with a specified penalty unlike other team infractions left to the Commissioner to decide. This rule is intended to prevent the stashing of players ("redshirting", etc.) and thereby create a more competitive labor market.
3) It would seem Rodgers would have some say in the outcome in terms of any testimony he'd be asked to give.
4) If he was declared a free agent, I would expect Rodgers could re-sign with the Packers...if he wanted to...which would create an interesting situation.