All 24 EFL Championship side's wage bill in 2024/25 ranked from least to most | OneFootball

FLW ranks all 24 Championship clubs on how much they're spending on their playing squads with their annual wage budget...

The 2024/25 Championship season is shaping up to be as competitive at both ends of the table as ever.

In what is a long, grueling campaign with twists and turns every weekend, the battles for promotion and relegation look destined to once again go down to the wire.

Oxford United, Derby County and Portsmouth will be hoping they can cement themselves back in the second tier, whilst Burnley, Sheffield United and Luton Town will no doubt be aiming for an immediate return to the Premier League.

Each club has their own strategy when it comes to managing their finances with regard to how much is invested in their respective playing squads, with some choosing to splash the cash, whereas others favour a more cost-efficient approach.

So, which clubs are spending the most on their squads, and who isn't? We've ranked the 24 Championship clubs in order of their annual wage bill, from least to most.

All figures are according to Capology, and it must be stressed that these are an estimate.

Making their return to the Championship in 2024/25 after a 12-year absence, Portsmouth have the lowest wage bill in the second tier.

Pompey stormed to the League One title last season with 97 points, and they'll be hoping that they can defy the odds and fend off relegation this season.

23 Plymouth Argyle - £8,985,600

Having survived by one point in their first season back in the Championship after 13 years last term, Plymouth Argyle and their supporters will have no desire to dance that close with danger again this time round.

The Pilgrims were able to retain the services of star forwards Morgan Whittaker and Ryan Hardie, which is an impressive feat given the size of their wage bill, and a real statement of intent.

22 Queens Park Rangers - £10,840,000

After suffering from significant financial problems over the last few years, it's perhaps no surprise to see Queens Park Rangers so low down on this list.

Despite this, the R's were able to spend notable transfer fees on the likes of the likes of Nicolas Madsen and Jonathan Varane over the summer transfer window, as this historic club looks to start moving in the right direction once again.

Plying their trade in the Championship for the first time in 25 years, Oxford United defeated Bolton Wanderers in the League One play-off final to secure their place in the second tier for 2024/25.

The U's will be confident that they can surprise a few people this season, and the eyebrow-raising summer additions of Matt Phillips, Dane Scarlett and Siriki Dembele certainly highlight the club's ambition.

20 Coventry City - £11,062,000

To see Coventry City so far down on this list will no doubt be a surprise to many, especially given the talent in their squad, but it really highlights just how fantastic a job Mark Robins has been doing at the CBS Arena in recent years.

After retaining the services of key players such as Ben Sheaf, Ellis Simms and Haji Wright, many will be expecting the Sky Blues to turn around their slow start to the season, and be among the promotion contenders once again come the closing stages of the campaign.

19 Swansea City - £11,632,000

After back-to-back play-off campaigns between 2019/20-2020/21, Swansea City have fallen away into relative mid-table security over the last couple of seasons.

For a club with as much recent Premier League history as the Swans, that's been somewhat of a surprise to see. Their 14th-placed finish last season was further evidence of a club that is perhaps beginning to stray a little too close to the fire.

18 Millwall - £12,052,000

For a club with a smaller financial pot than many clubs in the division, Millwall have been quietly establishing themselves as a mid-lower top-half side in the Championship for a number of years.

The Lions are back under the management of Neil Harris this season, and with The Den being one of the toughest places for opposition sides to go in the second tier combined with a playing squad laden with experience and a sprinkling of exciting young talent, they'll fancy themselves as a dark horse for promotion this season.

17 Blackburn Rovers - £12,168,000

Blackburn Rovers are one of the bigger enigmas in the Championship, as after successive years of play-off contention, Rovers plummeted to a 19th-placed finish last season.

However, with John Eustace at the helm for his first full season in charge at Ewood Park, the supporters appear to be right behind their manager and his players, who are still a talent-laden group despite the loss of Sammie Szmodics.

16 Derby County - £12,264,000

From teetering on the brink of extinction, a 21-point deduction and relegation to League One in 2022, to winning automatic promotion from the third tier last season, Derby County is a club that has been on quite a journey over the last few years.

Harnessing their 'us against the world' spirit, Pride Park has turned into a fortress in recent times, and the Rams don't appear content with simply making up the numbers upon their return to the Championship either.

Owned by the Hemmings family, Preston North End are a club that know their budget when it comes to their finances, and are rarely seen taking many big-money gambles as a result.

That's perhaps been both a blessing and a curse for North End, as it has brought about security in the Championship, with a 14th-placed finish in 2018/19 being the club's lowest since their return to the division in 2015.

However, it's also perhaps contributed to the Lilywhites' lack of clear progression when it comes to developing into a genuine promotion contender, and has resulted in PNE being neither here nor there in that regard over recent times.

14 Sunderland - £12,564,000

For a club the size of Sunderland, it is perhaps surprising to see them not among the bigger spenders in the Championship when it comes to their wage bill.

However, after years of questionable financial decisions under previous regimes, the Black Cats now appear to have put a real emphasis on managing their finances more securely.

13 Bristol City - £13,524,000

After years of decline in terms of league finishes between 2019-2021, Bristol City have been slowly progressing back up the Championship table over the last couple of seasons.

In that time, the Robins have been developing some exciting young players, and quietly loading up their squad with a number of shrewd additions, and could be about ready to throw their hat in the promotion ring this season.

12 Hull City - £14,828,400

A club with an evident and immediate ambition for a return to the Premier League, Hull City just missed out on a play-off place last season, despite loading their squad up with a number of highly talented players for Championship level.

With Tim Walter taking charge for his debut season in the MKM Stadium dug out, Tigers supporters will once again be expecting to see their team be right in the mix for promotion once again this term.

11 Stoke City - £15,262,000

It's fair to say that Stoke City have not been where they want to be as a club in recent times, as they've become shrouded in a bottom-half curse since their relegation from the Premier League in 2018.

With the eye-catching summer additions of Lewis Koumas, Andrew Moran and Tom Cannon to name a few, the Potters will hope that this season is finally the year in which the club can start moving in the right direction.

10 Sheffield Wednesday - £15,446,000

After avoiding an immediate return to League One in their debut season back in the Championship last season, Sheffield Wednesday will be looking to kick-on up the table in 2024/25.

In Danny Rohl, they have one of the most highly-respected young managers in the game, and after a busy summer of incomings and outgoings, the Owls will be hoping to take their solid start to the season into the rest of the campaign.

9 Middlesbrough - £16,216,000

It's been a frustrating last couple of years for Middlesbrough Football Club, as the Teessiders have came so close, but yet so far to winning promotion to the Premier League.

But, optimism is rife among supporters and from within the club that under the stewardship of Michael Carrick, Boro and their talent-laden squad can finally get over the line in 2024/25.

Watford are another club who prove continuously difficult to predict their fortunes.

The Hornets will be hoping their gamble on first-time manager Tom Cleverley will prove to be a masterstroke, and after a mixed start to the 2024/25 season, consistency may be the deciding factor when it comes to whether or not this talented group of players enjoy a successful campaign.

7 Cardiff City - £20,412,000

Cardiff City are a club that demand to be among the promotion contenders in the Championship, which their annual wage bill clearly speaks to.

So, when Erol Bulut wasn't delivering the kind of results necessary to achieve that at the start of the season, he was swiftly replaced by Omer Riza.

The Bluebirds appear to be a better side for making that decision and subsequent appointment, and will now be setting their sights on a revival mission back towards the top-six.

6 Norwich City - £21,710,000

Norwich City have been splitting their time between the Premier League and the Championship over recent years, and armed with one of the bigger wage bills in the division, taking their place back in the top-flight remains the obvious goal this season.

Young manager Johannes Hoff Thorup is the coach tasked with steering the Canaries back to the big time, but after losing a number of key players such as Jonathan Rowe and Gabriel Sara, they could find that easier said than done.

Norwich have made a solid enough start to the season, and with a new talisman emerging in Borja Sainz, few would be surprised to see them contesting a two-legged play-off tie come May.

5 Luton Town - £22,074,000

It wasn't so long ago that it would've been impossible for a Luton Town fan to comprehend their club having a £22m+ annual wage bill, but The Hatters are now one of the biggest financial players in the Championship.

However, the club have endured an unforeseen rocky start to the season, but with the talent in their squad, supporters will believe, and indeed expect, that it's nothing but a hiccup on their path to Premier League promotion.