The 2026/27 Championship season is approaching, and this year’s edition appears to be one of the most competitive yet.

The expansion of the play-offs to eight teams has made success more likely for the usual mid-table suspects, while the quality at the top end of the division is, on paper, as strong as it has ever been, thanks to two established Premier League sides joining the division to compete with some of last year’s near-misses.

Wage bills are increasing across all levels of football, but with the demand to bring in better players for higher weekly salaries, who has the highest in the second tier?

According to Capology’s estimates, the Championship’s wage bills are listed from lowest to highest.

24Lincoln City – £103,000

It’s not surprising that Lincoln City is at the bottom of this particular ranking. While the Championship as a whole is quite good, the reigning League One winners are the obvious underdogs this season.

The Imps are playing their first season at this level since the 1960/61 season, and they’ve plummeted all the way to non-league before rising back up again.

Lincoln dominated the third tier last season, going 29 games unbeaten and winning the title with 103 points. But they were undoubtedly a small fish in a huge pond back then, and they certainly are now that they have made it to the Championship.

23Bolton Wanderers – £120,250

Last season’s league One of the play-off winners is ranked second from the bottom, with Bolton Wanderers also returning to the second tier after a few years away, albeit not as long as Lincoln.

The Trotters have been out of the Championship for seven years, facing extinction and being demoted to League Two, so it’s unsurprising that they’re also at the top of this list.

Bolton manager Steven Schumacher has stated that their budget is one of the lowest in the league, and their pay cost reflects this.

22Portsmouth – £182,500

The gap between the bottom two and Portsmouth in third-bottom is more than £60,000 per week, and Portsmouth has been known to be among the lowest-budget teams in the Championship since their return in 2024.

John Mousinho has done an admirable job of keeping Pompey afloat in the second tier over the previous two seasons, but he has emphasised the importance of receiving further financial support to advance to the next level this summer.

Owner Michael Eisner has responded positively to those demands, so possibly Portsmouth will rise through the ranks in the coming months and years.

21Charlton Athletic – £199,900

Charlton Athletic are another team looking to enhance their place in the Championship after being promoted from League One.

Nathan Jones’ Addicks made a splash in the transfer window last summer, but they will remain one of the division’s lower-budget sides.

According to Capology, they were the lowest last season, therefore Charlton is pleased to be out of the bottom three heading into the summer window.

20Bristol City – £241,085

Another significant position gap; 20th and 14th are separated by less than 20th and 21st. Bristol City sits at the bottom of the next mini-clump.

The Robins are widely considered as having one of the best off-field setups in the division, including training facilities and their home ground, Ashton Gate. Now the emphasis is on replicating that quality on the field.

As things is, Michael Skubala will have a lot to do in the window to put those into place, as his team is near the bottom of the rankings.

19Preston North End – £247,000

Preston North End, like Bristol City, has been stuck in mid-table purgatory for a long time in the Championship, and they are hoping to make a push for the play-offs, as the Robins did a few years ago.

In the 11 years they’ve been in the division, their wage budget has never exceeded that of the bulk of their colleagues. However, with close to £6 million spent on Alfie Devine this summer, nearly tripling their transfer record, this could change.

18Derby County – £248,000

Derby County’s poor position on this list may surprise you, but the time is against them.

Indeed, the majority of their players from last year were on loan from other clubs, and their current pay expenditure is almost £70,000 per week lower than it was in May, according to Capology.

The Rams will have plenty of time this summer to bring in some new talent, with the goal of preserving or perhaps improving on their eighth-place finish this season, which would result in play-off football returning to Pride Park.

17QPR – £254,323

QPR’s business last year was primarily in the lower leagues, therefore individuals who are expected to do well this season, such as Richard Kone and Rumarn Burrell, do not contribute significantly to the overall pay bill.

That is, of course, a good thing, but it explains why they are ranked 17th on the list.

As with Derby, more players are expected to be acquired this summer to assist bolster this figure, but if they, too, turn out to be hidden gems at a low cost, there will be no complaints at Loftus Road.

16Swansea City – £256,000

Swansea City made a statement contract extension in March, signing Championship Golden Boot winner Zan Vipotnik to better, longer terms.

So there’s a definite desire in that portion of South Wales to move up the wage bill table from 16th place.

It’s been six seasons since the Swans made the playoffs. Perhaps increasing the £256,000 wage bill by the time the campaign begins could put an end to the dry period.

15Millwall – £262,500

Millwall has been punching above its weight in terms of wages for several seasons, but last year they managed to compete with the top sides in the division, finishing only one point below the top two.

Alex Neil’s team, like last season, will be projected to have a bottom-half salary budget, but that hasn’t stopped them from discovering and nurturing unknown stars, making them worth far more than their estimated salaries at the Den.

14Blackburn Rovers – £277,500

Blackburn Rovers struggled last season and have turned to popular former manager Tony Mowbray to avoid relegation next year.

According to Capology, they had a wage budget comparable to a lower bottom-half squad, with Todd Cantwell leading the way by far, earning more than any of his teammates.

It will be viewed as an underdog story if Mowbray can lead the club back to being a top-eight team, as they were a few years ago, but finishing in a similar 14th position to where they are on this list would be more than satisfactory.

13Cardiff City – £305,000

Rather surprisingly, Cardiff City sits at least ten places higher on this list than either of their fellow recently promoted League One clubs, with a payroll spend that exceeds Lincoln and Bolton combined.

However, when the Bluebirds were relegated two seasons ago, they were considered to have the division’s sixth-highest payroll. Higher than West Bromwich Albion, Coventry City, and Sunderland, with the latter achieving promotion that year.

So, it’s natural that Brian Barry-Murphy’s team is expected to maintain a payroll cost identical to two years ago, putting them just inside the bottom half a month before the season begins.