Bristol City chief executive Colin Sexstone claims the drop in revenue from the latest TV deal to £195m from £264m for matches in the Football League is a "wake-up call" for everyone in football.
The Football League announced on Monday that BSkyB had paid £195million for the broadcasting rights to live Football League, Carling Cup and Johnstone's Paint Trophy games matches.
BSkyB and the BBC had paid £264million for the previous three-year contract.
"It is a substantial drop, albeit reflective of the marketplace," Sexstone told the club's official website. "It doesn't come into effect until 2012 but it is a concern, in particular when Premier League television money seems to be going up.
"That's a worry and I am sure we will need to collectively speak to the Premier League about how to keep a balance. Central television money is one of our biggest sources of income and we will suffer a 26% reduction.
"This is a wake up call for everybody in football and wages must be brought back down. All clubs are looking to stop the ever-increasing rise in wages. It will affect contracts beyond this year and we must reflect the loss of television revenue."