The 8 EFL League One sides with a £7m+ yearly wage bill as Sheffield Wednesday restriction emerges | OneFootball

FLW takes a look at the clubs in the third tier who have a higher payroll than what the Owls will be allowed next season. 

Sheffield Wednesday look set to be heading into League One next season with more financial restrictions placed on their recruitment.

The South Yorkshire club are facing a proposed total wage cap of £7m per year, alongside a ceiling of around £7k per week on new signings.

Said restrictions, revealed by The Star, are to go along with a 15-point deduction and an existing transfer fee restriction, which means they aren't allowed payments on transfer or loan deals until summer 2027.

With this in mind, FLW takes a look at the eight clubs in League One who have a higher payroll than what the Owls will be allowed next season.

Rotherham United

When you consider the fact that Sheffield Wednesday are estimated to be spending just under £12m per year on their wage budget in the Championship, the jump down to £7m next season - which is reportedly subject to change - is going to be a big one regardless.

At the lower end of this scale then, with a salary bill of around £7.03m per year, is fellow South Yorkshire club Rotherham United.

This means that the Millers’ weekly spending on wages equates to around £135.2k per week, whereas Wednesday’s for 25/26 equates to £226.5k per week.

Reading FC

Having been through various points deductions and off-field turmoil under former owner Dai Yongge, the Royals know exactly how Wednesdayites are feeling.

Before Rob Couhig took over in May 2025, the Berkshire-based outfit were docked 18 points by the EFL across three seasons whilst also being under several embargoes for defaulted payments.

Capology’s data suggests a healthy level of investment in their squad now though, and Reading are 7th on the list with an estimated annual payroll of £7.56m, or £145.5k per week.

Bolton Wanderers

Bolton Wanderers entered administration in 2019 whilst in the Championship, resulting in a 12-point deduction in League One the next season. So, they too are very familiar with Wednesday's current situation.

Having dropped down all the way to League Two as a result of their aforementioned financial troubles, where they spent the 20/21 season, the Trotters are now amongst the most stable in the third-tier.

Bolton sit some way above both Rotherham and Reading with a projected wage bill of £8.75m per year, which comes out at around £168.3k every week.

Blackpool FC

It seems as though this list is packed with clubs who have all suffered serious financial problems, and once more, Blackpool are no different from their experiences under Owen Oyston.

Oyston and his daughter were removed from the board at Blackpool in 2019, a couple of weeks before the club were put into receivership by the High Court.

So, just ahead of Bolton are Blackpool, whose estimated yearly payroll stands at £8.85m or roughly £170k per week.

Bailey Peacock-Farrell, who has made the most saves out of any other goalkeeper in the league (as of 16th March), with 105, is listed as their highest paid player on Capology.

Plymouth Argyle

Plymouth Argyle arrive next with a projected wage bill of £9.65m per year, equivalent to about £185.6k per week, yet they are some way off ever going into the top three.

Capology has Jamie Paterson as their highest paid player this season, someone who was earning an estimated salary of just over £7k in 23/24 with Swansea City.

Using him as an example for Wednesday's future situation, if the winger is still estimated to be on the same amount of money as he was in 23/24 - or higher - then he earns too much to play at Hillsborough.

Huddersfield Town

Into the top three and the scale starts to shift a fair bit. Huddersfield Town’s estimated wage bill sits at a hefty £12.4m for the season, or £237.5k per week.

This means that even the club who rank third in League One for this season are spending over £5m more than what Sheffield Wednesday are allowed to in 26/27.

Which is perhaps why the Owls’ Supporters Trust accused the EFL of ‘killing' the Steel City giants with this additional financial restriction.

As for Huddersfield, well they're in the midst of a playoff battle at the minute, which suggests that Wednesday will be very much at the other end of the table next year, through no fault of their own.

Luton Town

Given that Luton Town were in the Premier League two years ago, it might be surprising to learn that they’re second on the list.

The Hatters’ 25/26 wage structure is estimated to be £13.3m per year, or £254.7k per week. This amount is less than half of what it was last season, though, which was apparently £27.7m.

Seeing as though they're looking likely to miss out on a playoff place, you can imagine that next season their wage bill could go down even more.

Cardiff City

Top of the pile are automatic promotion contenders Cardiff City, whose estimated payroll in League One comes in at nearly double what Wednesday will be allowed next season, just under £14m.

This equates to around £268k per week, which is, another reminder, already more than what the Owls are spending in the Championship this season.

What's more surprising, maybe, is to find out that the other title challengers in Lincoln City have the 18th-highest wage payroll in the league, as per Capology estimates. Their estimated spending is at £5.1m per year, which shows that you don't have to be spending the most to be successful, although it obviously helps a lot.

Ultimately, if Sheffield Wednesday are locked into a £7m cap, they will be operating at or below the level of the lowest club on this list, and miles adrift of the top three. This list will probably look a lot different next season anyway, as whoever joins the Owls in going down will most likely spend big to go back up - especially when the likes of Leicester City and West Bromwich Albion are in trouble.