The transfer embargo's will hurt more than the fines. Lets face it, a £10m fine for the multimillionaire owners that are in charge of some clubs (Forest and QPR) won't be missed that much.
Not being able to sign another 5 forwards might!
As for parachute payments, these will effectively create...
Football can't carry on as it is. That we can't break even on 25k+ crowds shows that something has to change. As others have said, there will be a period of readjustment whilst clubs (and agents!) get used to the new rules, but I think FFP will be of benefit to football in the long term.
Wages...