British clubs playing in the Uefa Champions League and Europa League from next season will receive a share of a 2.24bn euro (£1.67bn) prize pot. The deal will also see money being distributed more evenly, with Europa League participants getting increased revenue in the qualifying rounds.
Uefa president Michel Platini said: "Uefa should work with associations and clubs to find the best solutions."
Uefa has also agreed to give European Club Association members at least 200m euro (£145m) from Euro 2020 revenues for releasing their players.
The new deal for the European club competitions will run until 2018.
ECA chairman Karl-Heinz Rummenigge added: "ECA is still a very young organisation and these achievements are an extraordinary success, which will strengthen the solidarity among the clubs and our sense of responsibility for football."