The amount a club spends on wages frequently corresponds with on-field performance, which usually frustrates those who are unable to match the expenditures made by their more fortunate divisional opponents.
There are, of course, exceptions to the rule, and every now and then, we’ll see an EFL club defy the odds and contradict the norm by going above and beyond to ruffle feathers at the top of their respective league, despite their spending being paltry in comparison to larger clubs.
During the 2025/26 season, for example, Michael Skubala’s Lincoln City romped to the League One title with an almighty points haul of 103, 12 points ahead of second-placed Cardiff City, a behemoth by third-tier standards, despite having only the 18th-highest wage bill in the entire division.
Others, in contrast, see their salary spending more accurately reflected in the league table, but as the new Championship season approaches, FLW has decided to look at the tenth-lowest wage bills at the moment and what those figures could tell us about expectations and fortune.
FLW has relied on the information provided by Capology, where all values are estimations.
10Millwall
Millwall is kicking things started, defying the conventional association between wage expenditure and divisional success by reaching the Championship play-off semi-finals last season.
The Lions have made significant progress in recent years to embrace a more ambitious and youth-focused strategy to recruitment, with much of it now taking place on the continent, and they haven’t shied away from paying some handsome sums when necessary.
This has resulted in a positive direction of travel for the Lions, who are demonstrating that teams can fight at the top of the Championship without always having to pay out monster wages.
Of course, it helps, but Alex Neil’s side finished just one point shy of automatic promotion in third place before losing to eventual play-off winners Hull City over two legs, despite having the tenth-lowest second-tier annual wage bill at £13.6 million (£262,500 weekly) heading into the 2026/27 season, according to Capology.
9QPR
QPR’s free-spending days under Tony Fernandes were long gone, and the West Londoners’ expenditure is considerably more modest now.
When it comes to player salaries, the Hoops spend slightly less than Millwall on the other side of London, with the annual wage bill at Loftus Road estimated to be £13.35 million, or £256,823 per week.
QPR will, however, expect a higher return on investment in the future seasons under Julien Stephan, following a string of mid-table finishes.
8Swansea City
Swansea City, like QPR, has drastically reduced its spending in recent campaigns following relegation from the Premier League and the subsequent inability to capitalise on parachute payments and return there, but recent efforts in this summer’s window suggest a turning of the tide, with the Welsh side’s wage bill expected to rise by some margin.
Swansea sold Ethan Galbraith to Stoke City and used the proceeds to sign wingers Elijah Just and Joseph Opoku for £5 million and £6 million, respectively, highlighting the club’s increased financial muscles and ambition heading into the new season.
For the time being, with the estimated salaries of the Swans’ most recent acquisitions unaccounted for, they are thought to have one of the division’s smaller wage bills, with Vitor Matos’ side spending £13.31 million on player salaries each year.
7Derby County
Derby County, another outlier when it comes to teams punching above their wage bill weight, narrowly missed out on a play-off finish in only their second season back in the Championship last time out and are well-positioned to stake their claim for promotion in the new season, aided by the top-eight expansion.
Derby, like others on this list, has dug deep into its wallets to pay some significant direct transfer fees, as we saw this summer with the £6 million buy of Bobby Clark following the midfielder’s successful loan spell at Pride Park in 25/26.
The contracts that are being handed out, however, remain far more modest, and despite Capology’s estimate that five players (Carlton Morris, Rhian Brewster, Matt Clarke, Derry Murkin, and Lewis Travis) receive weekly earnings of £20,000 or more, the Rams’ salary bill does not pop off the page.
Derby’s annual wage expenditure is believed to be £12.89 million, more than just six clubs in the entire division, despite the club’s recent upward trend and increased transfer outlays.
6Preston North End
Preston North End have never been big spenders, which has been a source of frustration among dissatisfied Deepdale fans for years, but things could change.
Talk of a takeover by US-born Saudi businessman Amr Zedan is still rumbling behind the scenes, and as Preston fans continue to pray for that deal to go through, the club has completed the blockbuster £6 million club-record signing of Alfie Devine from Tottenham Hotspur, following the playmaker’s strong loan campaign with the Lilywhites last season.
Should Zedan take over Preston, an enormous cash influx would undoubtedly be required, which may result in significantly larger contracts being awarded to new players than we are used to seeing.
Preston’s wage expenditure is now relatively low, at £12.84 million per year, but if all goes as planned, this may not be the case for long.
5Bristol City
When it comes to Bristol City, one can only imagine what the Robins could achieve if their transfer and wage expenditure was a little more ambitious, given that the West Country club possesses many of the essentials and has plenty of overall potential to battle even further up the Championship ladder.
That is what frustrates supporters, with the club’s present level of on-pitch expenditure proving restricting to its larger objectives, and the perennially mid-table Robins actually outperforming in terms of salary bill.
Only four Championship clubs spend less on wages than City, who are anticipated to pay £12.5 million per year – or £241,085 per week.
4Charlton Athletic
Charlton Athletic will be looking to prove the critics wrong and weather the storm in their second season back in the Championship after avoiding relegation under Nathan Jones, who may have a lot to account for in terms of player recruitment.
According to Transfermarkt, the Addicks spent up to £11.9 million on transfer fees alone last season, a significant increase from previous years.
Wages, of course, are what we’re concerned about here, and Charlton’s spending has been significantly lower on that front. According to Capology estimates, Charlton’s yearly pay bill of £10.3 million is the fourth-lowest in the Championship, and it may need to rise alongside smarter market investment if the club is to survive once more.
3Portsmouth
Portsmouth are ready for their third season back in the Championship under John Mousinho, who has stabilised and established the south coast club despite restricted financial means.
Indeed, the Fratton Park fans have frequently expressed anxiety about owner Michael Eisner, but the tide may be turning after the eye-catching £3 million+ signing of Serbian striker Marko Milovanovic earlier this summer.
Portsmouth will need to continue to up the ante on the investment front if they are to progress from battling for relegation to mid-table security and beyond, whether through deeper pockets under Eisner’s watch or a big-money sale – with talented 21-year-old Croatian attacking midfielder Adrian Segecic looking like the most likely contender in the coming years.
Portsmouth’s annual wage bill of £9.4 million (£182,500 weekly) ranks among the lowest in the Championship next season, despite being significantly higher than that of the final two clubs.
2Bolton Wanderers
Next up is Bolton Wanderers, who return to the Championship after defeating Bradford City and Stockport County in the League One play-offs and ending a seven-year hiatus from the second division.
Bolton hasn’t been shy about spending when necessary, but overall, their spending has been rather modest in recent years, which is why they are estimated to have the division’s second-lowest wage bill, with Capology estimating that the Trotters spend £6.2 million on wages each year and £120,050 per week.
Bolton are having a busy summer as Steven Schumacher attempts to rebuild and overhaul his squad. A number of regulars have already left the Toughsheet Community Stadium, while many of those who have come have done so on free or loan transfers.
That is not to say that Bolton does not give out lucrative contracts, but their spending power is limited in comparison to the rest of the Championship.
1Lincoln City
Fittingly, and somewhat unexpectedly, Lincoln complete the season with the Championship’s lowest pay bill, as they prepare to return to the second division for the first time since 1961.
In terms of club stature, the Imps are a very modest outfit, and their recent rise can be attributed to wise and savvy player recruitment and a distinct overall identity, rather than blowing the cash in a mad pursuit of promotion.
Many League One clubs spent far more on wages than Lincoln, while failing to equal Skubala’s men on the pitch, but their estimated yearly pay expenditure of just £5.8 million – or £112,000 – appropriately reflects Tom Shaw and Chris Cohen’s side’s position in comparison to their Championship opponents.
The second tier is a completely different kettle of fish, and with Jack Moylan’s impending departure to Cardiff compounding Lincoln’s woes after Skubala left for Bristol City earlier this summer, they may need to work some market magic to survive while operating on a limited budget.
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