Levy is correct - Football transfer fees have always been relative to how much money is within the football economy. The more pumped in by sponsors and TV companies, the more transfer fee and wages rise.
In a way, football economics is as close to a perfect capitalist market as you can get. Its isolated and purely based on need, genuine supply and demand. Post covid19, the size of football economy will shrink. Selling clubs will be desperate for revenues, given Covid 19 lost earnings, buying clubs will play brinksmanship until they can resist no longer.
Add on top of that the 'socialism' that post covid19 society may demand: i think its not going to be a very good look for players to continue to earn these outrageous sums of money.
I agree with most of this Sammsky, that said the outrageous sums of money the top players earn will and should continue to be paid. There will likely be a dip primarily to the average band of players but the top players will still get top dollar.
The capitalist market you speak of, being directed at football specifically, will revive itself and be generating the same amount of money in very little time. The demand will always be there and always grow, then factor in the netflix angle and a pay-per-game avenue the game can still explore and it will be making more than ever very soon.
In any business arena the people who are the best at their job earn the most money, football is arguably the most competitive and difficult of all careers to succeed in. Nobody grows up wanting to be a banker as a kid, almost every kid wants to be a footballer. So by default the very best players are entitled to earn every penny for reaching the pinnacle of the sport.
I can appreciate societies moral opinion of paying people to play football so much money compared to nurses or fireman but in reality it makes no sense, almost anybody can be a nurse or a fireman if the put their mind to it... the same doesn't apply nearly as much to being a pro footballer.