According the NBA's flop rule, this one should definitely merit a warning (Paul hasn't been warned yet this season). Then, if he were to get a second one, he'd be fined $5,000.
The officials thankfully weren't fooled, and no foul was called on the play. So, really, the only thing that happened is CP3's reputation as one of the league's top floppers has been enhanced.
I know I speak for everyone when I say that I'm just glad CP3's OK after that. Looked pretty serious.