Celtic Chairman John Reid has criticised the decision.
"Celtic have a responsibility to speak out for our supporters who will be deeply dissatisfied with the background to, and outcome of, Thursday's SPL decision and the events leading up to it," said Reid.
"No-one should underestimate the blow that has been inflicted on this club and Scottish football by the way in which the whole affair has been handled and by the losses incurred."
He added: "Last year's decision to reject the Sky bid and opt for Setanta - arrived at against the strong opposition of Celtic, Rangers and Aberdeen - has proved to be the disastrous misjudgement we indicated it might be, with Setanta now in administration.
"In turn, this has led to the dilemma we now find ourselves in.
"On Thursday the SPL accepted a bid that is less than half the value of that offered by Sky last year.
"The whole SPL is now a commercial victim, in an uncompetitive TV market, in the middle of a recession, locked in for years to an income some 60 per cent lower than last year's bid.
"This is the direct consequence of last year's misjudgement, one that has cost us all some £70m in a sport that desperately needs the income and where our supporters are already paying their own hard-earned cash.
"To Celtic it means a potential loss of up to £12m over the four year period - the equivalent of around 6,500 season tickets each year."