Football League chairmen have voted in favour of the new parachute payments proposed by the Premier League.
The new payments - which rise from £16million a year over two years to £48million over four years - will start from next season and are part of a package of solidarity payments.
The League One and Two clubs had initially blocked the change at a meeting 10 days ago but were told by the Premier League it was a take-it-or-leave-it offer.
A Football League spokesman admitted that many clubs had expressed fears about the changes.
Many smaller clubs fear increased money going to the Championship will widen the gap with League One and Two.
The spokesman said: "Following a frank but constructive meeting at Walsall's Banks's Stadium earlier today, Football League clubs have voted to accept the Premier League's revised solidarity and parachute payments proposals.
"Whilst many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.
"The Football League will now work in good faith, with the Premier League, to ensure that the resulting contract and regulatory changes are good for both competitions and football as a whole."
The payments amount to £16million for each of the first two seasons and £8million for each of the next two.
Clubs in the Championship who do not get parachute payments will receive £2.3million a season, League One sides £325,000 and League Two sides £250,000. Under the current package Championship sides received between £1.4million and £750,000.