They very likely would have got suspended even if this succeeded.

- The lead pilot requested an exemption for the stunt from the FAA, which the agency denied.

- The lead pilot made a "personal decision to move forward with [the] plane swap."

- "I regret not sharing this information with my team and those who supported me."

- The FAA are also proposing a $4,932 fine.

There's no two sides to this one, you cannot do a highly dangerous stunt without the relevant authorities signing off on the plan (or more specifically ignoring them when they tell you "no"), and then expect no consequences. They're just lucky the consequences are only likely to be civil in nature (i.e. suspensions and fines).