If there’s no rescue from Premier League - and they do seem to be coming round to view that they need to do something - then just about every club in Championship will either break FFP rules ( if their owner is willing to pump enough money In) or will go bust ( if owner is not willing or able to put money in). Pretty sure FL will take view that breaking FFP rules is least of worries. In any case, if the clubs want to change the FFP rules they can do and the only reason they don’t currently is that the majority of owners want to put some brakes on those that want to spend their way to Premiership. If enough need to break rules to survive, then the rules will get changed.
i do wonder how safe rule is that says players wages are preferred creditors if a club goes into administration and if you don’t pay them in full for whole of their contract then you go out of league. Up to now it has also acted to deter clubs from over spending ruinously, but if a few clubs go out of business and it looks like more are going to, then that rule might get changed to help clubs restructure and survive. Even the players must get that for most of them tearing up a contract and agreeing a new one on half the wages is better than getting nothing and having to look for a new club - where you will probably be offered less than half your old wages. Obviously some players would benefit from being a free transfer effectively, but probably Less and less the way things are going.