Jordan Jones and George Edmundson have each been handed a seven-game ban by the SFA for their coronavirus breach.
The Rangers pair were caught at a gathering inside a property on Glasgow's Devonshire Terrace in the early hours of the morning on Monday, November 2.
The players were suspended by the Ibrox club and ordered to self isolate for 14 days.
Jones and Edmundson were hit with a notice of complaint after breaching Covid-19 regulations and not acting in the best interests of football.
A hearing was held on Thursday and they have now been suspended for seven games for the incident.
Steven Gerrard said both players will regret their actions for a long time.
He told Rangers TV : "I think everyone at the football club is disappointed with the actions of the two players. I think it was important that the club took decisive action. They were quick to do that which was pleasing to see.
"The players know they've let themselves down, and their families. They've also badly let their teammates down. And the supporters of the club.
They'll be punished internally. I think the important thing from my point of view is we draw a line under that. I don't want to be sitting here and kicking them even more.
"They are feeling really down at the moment. They are apologetic. They are remorseful. They are full of regret and I think they'll regret it for quite some time."
