Ricky Parry said the EFL was “absolutely determined” to introduce a “sustainable” salary cap in its three divisions.
There was a whole host of clubs opposed to the strict salary cap which put clubs like Sunderland under financial strain.
The Black Cats have historically had a bigger budget due to their huge fan base and recent Premier League history.
Clubs will revert to old salary cost management protocols for next season and discussions are underway to potentially limit squad size to 22 players.
Speaking in an interview with the Football Business Magazine, Parry said: “We had a hard cap in leagues one and two but had to move away due to procedural issues and the Professional Footballers Association challenged that.
“The principle has been accepted in the championship and there has been a lot of talk about the amounts, but a hard cap poses challenges in the championship.
“There are issues as to whether this would make the clubs uncompetitive, so we took a break and there is now a lot of debate about going forward with some sort of percentage cap.
“There is an absolute commitment to move forward on this file as soon as possible.
“Categorically, we can, and we will.
“We’re not trying to bring everyone down to the lowest common denominator.
“It’s all about sustainability and recognition that not everyone has a fortune to spend.
“It’s not just just about all the clubs that come out of the Championship in the Premier League, it is about allowing clubs to move from the non-league to the championship. ”