Arsenal manager Arsene Wenger fears that football is in meltdown.
The French coach claims transfer fees will become a thing of the past and smaller clubs that largely depend on transfer revenue will run the risk of going out of business.
As players become increasingly powerful, Wenger is adamant that the transfer market as we know it will disintegrate.
He said: "The balance of power is switching significantly towards the player. It could mean in a short period of time the complete disappearance of transfer fees.
"Long-term contracts are largely insignificant - in fact they are just two-year contracts.
"You merely give longer contracts because it's a bit of protection for the player to have compensation paid if he moves after three years.
"You can never get him to sign an extension to his contract for less - that means you will always have to increase his salary.
"They have created a situation where inflation goes through the roof."
The Arsenal manager maintains that radical changes in transfer legislation brought on initially by the Jean-Marc Bosman case and more recently by Scotland defender Andy Webster have left clubs in turmoil.
Webster's case is one that European clubs fervently wish wasn't happening - but now that it is, it could lead to a cut-price exodus of dissatisfied players from clubs throughout the continent.
The Rangers defender exploited a FIFA regulation to buy out his contract at Hearts, even though it had two years remaining.
Those who regard player transfers as essential to the financial well-being of the sport will be appalled, but others will view Webster's initiative as another step towards footballers enjoying the same rights as other European workers.
The Webster case will allow players to leave a club after three years of a longer fixed-term contract, or just two years if they are aged over 28.
There are two stipulations: the player must hand in his notice in the 15 days following his club's last official match of the third season, and he may not move to a club in the same country.
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Wenger said: "The balance always goes towards the player. And if you go to appeal there is no protection any more.
"At the moment after 28 you need only two years. I see the next thing coming will be people saying, 'Why is it 28 and not 27? That's age discrimination'.
"Who will be disadvantaged? In my opinion it's the smallest clubs.
"We are heading towards an American system, where transfer fees in major sports don't exist.
"It can't be good for the game. What has happened until now is that the big clubs buy players from the small clubs and that money stays in the game and keeps them alive.
"Without it, more and more smaller clubs will face financial ruin."
How draft works
By Hugo Greenhalgh
Arsene Wenger has predicted that one day soon a draft system will arrive in English football. So how does it work in the USA?
The idea aims to spread the best players among the teams in American football, basketball, baseball and ice hockey.
The draft system eliminates bidding wars between clubs all hoping to sign the next stars.
Clubs pick from players who are free agents or, more famously, looking to graduate from university sport to the big leagues.
And the first draft pick is given to the worst per forming side from the previous season while the best side receives the last.
For example, in the NFL this year, the Atlanta Falcons were one of poorest teams.
However, they received an early pick and chose quarterback Matt Ryan, a hot prospect for the future.
If football adopted this system, a draft would mean a drastic reshuffle of the youth system - and would also leave players
