The penalty to the player is loss of salary.
The penalty to the team is supposedly loss of use of the player. But in this case, the Reds kinda win-win here, as they will still get the benefit of Volquez using the PEDs, because he wasn't due back in 50 games anyway, but will not have to pay him during the suspension. Assuming that Volquez keeps up his training during the 50 games he is "suspended".