Having already stated the reigning English and European champion would be demoted for breaches of the salary cap, league officials have confirmed how that will play out.
The humiliating fall from grace had already seen Saracens docked 35 points, and the further deduction means it is now sure to finish at the foot of the Premiership table.
The London-based team now sits on minus 77 points, despite picking up six wins from its opening nine games.
In a statement published on its website, Premiership Rugby announced the 19 January (AEDT) ruling regarding Saracens's fate was followed by talks with the Rugby Football Union, English rugby's governing body.
New salary cap regulations published on Wednesday (AEDT) by Premiership Rugby show clubs will be subject to tighter regulation, with those found to have breached the senior squad ceiling of £6.4 million ($12.3 million) by £350,000 or more susceptible to deductions of 70 points if they do not "fully co-operate in a timely manner" with investigations.
Regarding Saracens, a Premiership Rugby statement read: "A further deduction of 70 points has been imposed on Saracens in the current season. This sanction is in addition to the separate deduction of 35 points imposed in November 2019 for breaches of the salary cap in previous seasons.
"The 70-point deduction ensures that Saracens will end the current season in 12th position. The league table will be updated with effect from today."