Maybe, just maybe, over time the market will adjust for this way of doing business. If clubs can't expect outgoing transfer fees, they'll be less inclined to spend on ingoing fees as well. That means the market for free players will increase, which means more competition for both clubs and players, and less flexibility for players already under contracts they want out of. So player power remains the same: Top players have a lot of bargaining power, poorer players not so much.
Seems to me that it's just moving money around through different channels. Clubs will spend on wages rather than fees, but the financial hierarchy remains the same. Clubs that today can compete for transfer fees will still be able to compete for wages. And clubs that today are being left behind in the transfer market will still struggle to compete in the wage market. Top players will negotiate in a seller's market, and poorer players will be negotiating in a buyer's market.
All in all, I can't really see it changing much.