John Madejski, Reading Chairman, has been a key campaigner in the league's battle to gain compensation from ITV's owner's Carlton & Granada. He was in London on Wednesday along with other chairman and hundreds of angry fans protesting about the scenario.
But with TV companies unable to pay such large fees for live games Madejski believes that astronomical wages could be a thing of the past. He told Teamtalk: "I always knew the level of money would go down as football could not sustain this.
"I think now everyone will have to take a more realistic approach to players' wages and contracts, even in the Premiership.I don't think there will be the huge figures that have been paid in the past."
"Clubs should be allowed to function normally as a business instead of running at a loss because of over-inflated wages."
"There are some absurd salaries about at the moment, absolutely ridiculous, but every cloud has a silver lining and maybe this whole situation will do football some good, who knows?"
"People might now cut their coat according to their cloth. It's been going from bad to worse in the recent past. The next time players come to the table for a new deal they might find out they won't get as much as they previously have."