2024 is far too soon - it's not long enough to negotiate and ratify any sort of post-EU trade treaty (especially at the low effort level on show from the UK to date). For better or worse, you won't know how Brexit has treated the UK until the early 2030s.
I see the UK remaining outside the EU, but gradually coming into the same sort of territory as Turkey occupies on trade: general alignment with the EU standards (and - say it quietly - some acceptance of the ECJ as final arbiter in trade disputes) in order to get access to the market, but will still be subject to hard limits on movement, residency and investment. This won't happen until the current ideologues are kicked out of government in favour of something more pragmatic (which could be of any political colour - the Conservatives have a lot of form when it comes to internal coups).
The EU allows any country to apply for membership, and as the UK is already compatible with the legal and civil standards necessary for membership, and is unlikely to diverge too much, the actual process could be done in as little as five years (Finland and Sweden joined the EU in 1995, just three and four years after applying, respectively; Austria applied in 1989 and acceded in 1995. Those are the closest examples to the UK in terms of being mature, well-developed democracies with strong civil and social values). But as
@Tony L pointed out, the UK had a very favourable set of membership conditions before, which it would not regain. The most politically-charged of the new conditions is of course the requirement for new entrants to eventually adopt the Euro as their own currency. (Denmark's explicit opt-out and Sweden's infinite deferral are not available to new entrants)
I think you may get a chance to see how that process works if a second Scottish referendum passes. The Scots aren't attached to what's on their banknotes (commercial banks issue Scotland's paper money, so there's no "national banknote"), so Euros wouldn't be as big a change to them, especially if the GBP's current instability becomes the norm.
But no, there won't be "punitive" entry conditions, just the loss of all of the privileges, rebates and special circumstances that the UK had negotiated at a time when such things were still possible.