Championship clubs will each get £2.2m a season, £335,000 for each League One club and £225,000 for each League Two club with parachute payments for clubs relegated from the Premier League now £48m over four years.
Premier League boss Richard Scudamore said to the BBC that the extra income for Football League clubs would make a 'huge difference and more importantly it will make planning for the future that much easier'.
Scudamore added: "The financial strength of the Premier League has always benefitted the entire English game, but we are taking the unprecedented step of formalising arrangements so that the solidarity payments and the alignment of rules - in some fairly critical areas - are linked.
"The Premier League clubs felt strongly that a stronger Championship would be greatly beneficial to both competitions. "It is a fact of life that we welcome three of their number each season and helping make sure those clubs coming up are prepared - both on and off the pitch - for life in the Premier League was something we felt these measures would achieve."