The PFA would have an absolute meltdown but clubs do need to break player power.
Over the course of about 15 years the TV deal got more and more lucrative. The problem is, the club's didn't get to keep that money. Player's wage rises outstripping the TV money so it ended up being a net loss for almost every PL club. The simple retort to that is, 'the club's didn't have to offer those wages' but the truth is, they did if they wanted to sign anyone. If one club doesn't pay it, there's another five that will (and then some).
Break clauses should be the norm and also, loyalty bonuses need to be reshaped so a player can't moan about joining another club, sulk, threaten to go on strike, be tapped up by 'third parties' and then still bank millions from their loyalty bonus because they didn't formally request a transfer.