No. Nothing will happen to top executives. There's a lot of insight as to why from "The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives"
Quoting directly FTA: "U.S. prosecutors have charged eight current and former Volkswagen executives in connection with the diesel emissions cheating probe. Liang is one of the lowest-ranking executives charged so far.
Another VW executive, Oliver Schmidt, has pleaded guilty and is scheduled to be sentenced in Detroit on Dec. 6. Under a plea agreement, Schmidt could face up to seven years in prison and a fine of between $40,000 and $400,000 after admitting to conspiring to mislead U.S regulators and violating clean air laws."