The Blues and England captain became the country's highest-paid footballer on Friday when he finally agreed a five-year deal to stay at Stamford Bridge.
Jimmy Hill, who successfully campaigned to have the Football League's £20 maximum wage scrapped 46 years ago, admitted he never imagined players earning hundreds of thousands of pounds per week.
He said: "However forward thinking I was, I could never have envisaged what we were earning then - £20 a week - ever getting to where it's got now."
Former Professional Footballers' Association chairman Hill, who has been player, director and chairman during his distinguished career in the game, has no problem with footballers earning such lofty salaries.
"It actually fulfils my passion that players should be free to be paid a fair percentage," he said.
"I haven't changed my view. A player is quite entitled to get a fair share of what his club is earning."
However, Hill warned against clubs spending beyond their means.
He said: "In an effort for clubs to do better and be successful, there is a tendency these days for directors to spent more money than they should on wages in the hope they're going to get rewarded - so I don't agree with that either.
"I don't believe in players being paid more money than is coming through the turnstiles."
Barry Fry is at the sharp end of the Football League ladder in his role as director of football and majority shareholder at League Two Peterborough.
He had mixed feelings about the current climate.
"I would imagine the majority of clubs at my level don't have £135,000 a month to spend, let alone a week," he said.
"When you look at it like that, you think 'God almighty, what's the game coming to'?
"On the other hand, John Terry or anybody else for that matter is worth every single penny they get.
"We can't blame John Terry for this. In any walk of life, if you're working in a factory or sweeping roads or you're a postman, if you're employer offers you more money, you deserve it and good luck to you."
Fry is concerned about the widening gap between the top flight and the rest, saying: "The Premier League is getting closer and closer to Mars and we're a million miles away.
"That's my fear for football, because I'm a lover of all football, including non-league and grassroots football."
But he added: "I'm not in favour of salary caps. If a club's crazy enough to offer a player X pounds, it's the club's fault."
Football Supporters Association chairman Malcolm Clarke warned fans could be turned off the game by massive rises in player wages - and pointed the blame squarely at the Premier League.
"Our big fear is this huge increase in wealth that has gone to the Premier League from the new [£2.7billion] TV deal," he said.
"If this just feeds into ever more inflation in players' wages, it is likely to increase the negative perception of the game among many supporters.
"It simply widens the huge gap between the Premier League and the rest, which destroys the competitive pyramid.
"We would like to have seen the Premier League give far more money to the Football League than they did in the recent [solidarity payment] deal. We would have liked at least £100million to maintain the competitive balance.
"We don't blame the players because most of us, in the jobs that we do, if our employer offers us a massive pay rise, we're going to take it, aren't we?
"We blame the people running the game for not ensuring a more equitable distribution of wealth throughout the pyramid."
Clarke, a lifelong Stoke fan, added: "I don't think an individual salary cap would work. A cap on the percentage of turnover that can be paid on wages would certainly help."
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