What potential sanctions is Vettel facing?

Disqualification from the championship

This is the most drastic penalty. Vettel would be simply excluded from the 2017 Formula 1 World Championship, which would most certainly hand the title to Hamilton. There is precedence. Michael Schumacher was excluded from the championship in 1997 for taking out rival Jacques Villeneuve at the European Grand Prix, although this decision was implemented after the championship had been completed. In the present case, this sanction seems quite unlikely.