One of the most intense and unpredictable football leagues in the world is the Championship, and the disparity in wealth between clubs further heightens the drama.
Wage bills may frequently reveal as much about ambition and stability as on-field performance, from newly promoted teams operating on tight, astute budgets to former Premier League giants supported by parachute payments.
Football League World has ranked all 24 clubs in the 2025–26 Championship according to their yearly player wage expenditures, from the lowest payrolls to the highest expenditures, using estimates from Capology.
This season’s financial strength of each team is shown here.
24Charlton Athletic – £9,103,200 per year
Due to their expected yearly salary of £9,103,200, the Addicks have brought a League One wage bill with them to the second division.
Thomas Kaminski, a summer acquisition, receives nearly a ninth of the total salary, making £1,040,000 a year in goal.
23Portsmouth – £9,568,000
As the only team in the Championship to spend less than £10 million a year on player reimbursements, Portsmouth also supports the wage chart.
John Swift, a recent addition, tops their expected annual pay bill of £9,568,000, with loanees Conor Chaplin and Min-hyeok Yang following closely behind.
22Sheffield Wednesday – £11,515,400
Given their numerous problems this year with paying payroll obligations, it is not surprise that the Owls rank low on the wage bill table.
Wednesday’s expected payroll for this season is £11,515,400, while their 24/25 expenditures have decreased by about £6 million.
21Swansea City – £12,380,000
With an estimated £12,380,000 spent on players, Swansea City is ranked 21st in the Championship’s pay bill chart.
After the Swans’ well-publicized and well-documented investment, they might not be far behind on this table for long.
20Coventry City – £12,948,000
The Sky Blues are keeping costs down with an estimated wage bill of £12,948,000.
Unlike many other Championship sides with one or two outstanding earners, Coventry have divided their wages reasonably evenly around the squad.
19Blackburn Rovers – £13,106,000
At £1,560,000 year, Todd Cantwell commands the largest portion of Rovers’ estimated £13,106,000 wage expenditures.
This low payroll illustrates the famously frugal ownership of a club with Blackburn’s history and fan base; the Venky family continues to operate on a shoestring despite the annoyance of its supporters.
18Preston North End – £13,322,400
With an expected salary bill of £13,322,400, Lancashire’s neighbors Preston are the next largest spenders in the Championship.
Given the Lilywhites’ outstanding start to the 25/26 season, it demonstrates that astute hiring and sound management can outperform the checkbook, despite their modest strategy.
17Queens Park Rangers – £13,500,800
The R’s are dishing out an estimated £13,500,800 yearly, with their West London location not yet translating into West London wages.
Even so, they are able to field a competitive team on what, by Championship standards, is a modest budget.
16Bristol City – £13,648,000
The Robins are solidly in the middle-income range in the Championship with an estimated payroll of £13,648,000, but they are another example of how wages don’t always tell the whole story.
In recent seasons, City has outperformed their budget, converting wise expenditures into on-field success.
15 Oxford United – £13,751,400
The U’s have shown some significant ambition by supporting their survival with a projected pay bill of £13,751,400 after successfully staying up last season.
Ben Davies, a Rangers loanee, earns somewhat more than £1 million a season, which puts him at the top of their individual earners ranking.
14 Derby County – £14,398,000
Derby posted an estimated £14,398,000 payroll following their well-publicized financial collapse, indicating that lessons have been learned.
Although supporters will hope that this budget increases as the Rams stabilize as a second-tier team, they are rebuilding responsibly.
13 Millwall – £14,666,000
On paper, Stoke is a serious contender for promotion with an anticipated salary cost of £17,836,000, and they are beginning to support that on the field.
The Potters are investing like a team looking to get out of this division, and based on their impressive start, it appears that their expenditures are producing the kind of outcomes that could make them contenders for promotion.
11 Wrexham – £18,187,000
For a team that was in the National League only a few seasons ago, Wrexham’s reported £18,187,000 payroll is astounding.
Although the Championship is more difficult for the Red Dragons to conquer than League One and League Two, Ryan Reynolds and Rob McElhenney are making significant financial investments to support their goals.
10 Birmingham City – £18,850,000
The Blues’ new American owners’ desire to move back up the pyramid is reflected in the projected £18,850,000 they are investing on their team.
Kyogo Furuhashi, the summer statement, receives the most portion of such expenditure, with an estimated £1,820,000 for playing for the Blues.
9 Watford – £19,464,000
Although they frequently fail to find the rhythm, the Hornets’ estimated £19,464,000 salary bill theoretically keeps them competitive.
Watford has experienced enough yo-yoing to know what it takes to get out of this division, but their recent performance indicates that they are finding it easier to climb the pay table than the Championship table.
8 Middlesbrough – £19,680,000
Boro has begun the season as serious contenders and is spending an estimated £19,680,000 to play in the top tier.
Matt Target, a Newcastle United loanee, earns an estimated £3,120,000 a year, nearly twice as much as Luke Ayling, the next highest earning.
7 Hull City – £20,628,400
The Tigers comfortably fit into the £20 million club, spending an estimated £20,628,400 a year on player salary.
Although the Turkish ownership of Hull has demonstrated their willingness to support the team monetarily, this hasn’t recently translated into on-field success.
6 West Brom – £21,008,000
As befits a team that believes it is too large for the Championship, the Baggies are reportedly spending £21,008,000 on wages.
Nat Phillips and Chris Mepham, two former top flight players, are at the top of the West Brom table. The payroll is based on the muscle memory of Premier League status.
5 Norwich City – £22,802,000
The estimated yearly wage bill for Norwich is £22,802,000.
Although the Canaries have mastered the art of dominating the Championship in past seasons, they appear destined to struggle in the Premier League and, more lately, to make it there.
At the very least, they’re spending like a team that doesn’t want to live in the second division.
4 Sheffield United – £27,300,000
United’s expected payroll of £27,300,000 is enormous; instead of laboring in the bottom half of the table, that money should be used to buy automatic promotion.
The Blades’ terrible start has made them the Championship’s biggest underachievers thus far in 25/26. This is parachute payment territory being tragically wasted.
3 Ipswich Town – £28,670,000
For a team that was in League One only a few seasons ago, Ipswich’s estimated £28,678,000 salary cost is astounding.
With McKenna-ball and significant financial support, they have accelerated their ascent, keeping a large portion of their promoted team together with Premier League salaries.
It’s a good guide for handling parachute payouts; instead of panicking, invest in continuity.
2 Southampton – £38,142,000
Southampton’s predicted payroll of £38,142,000 surpasses that of the majority of the division.
This is the two-edged sword of parachute payments: you should walk the Championship and keep your Premier League team, but there is a huge financial cliff edge and pressure.
The Saints are betting that their elite players will perform well in the Championship before those salaries become unaffordable.
1 Leicester City – £42,926,000
With an estimated yearly salary of £42,926,000, the Foxes are the highest paid team in the Championship.
It is more than the lowest four clubs put together and about £4 million more than their closest rivals.
The fact that 14 Leicester players make more than £1 million a year suggests that the team should be too strong for this level.
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