Rangers would have lost 20 players if the first-team squad had not agreed to pay cuts, according to administrator Paul Clark.
Clark has revealed the squad would have been "decimated" to save £1million a month. Mass redundancies were prevented on Friday when all players accepted wage cuts of up to 75% for the rest of the season while Mervan Celik and Gregg Wylde left voluntarily.
Clark told Sunday newspapers: "We were looking at the decimation of the squad."
He added: "There was mention over the last week of between eight and 11 players being made redundant had the players not taken pay cuts. If we'd made eight to 11 redundancies we would have still needed 50% pay cuts from the players who remained.
"If those cuts hadn't been made, and I couldn't do the sums until now, we would have been looking at cuts of up to 20 players in total."