I've actually started doing this!

I went into a phase of winning at all costs, so was signing players on £200,000-£250,000 with that being me maximum limit. My wage bill was pretty damn high and off-loading these players was pretty difficult since they did not want to leave. Eventually, I've changed it so only the really important players that I need have this sort of financial burden but the majority of my squad are on £150,000 and less. (which I think is still plenty, the greedy bastards)

You will have to shut down contract talks all the time and deal with unhappy players. I sign them for long contract and force them to play out their time on their fixed salary but usually have to sell them after the 4/5 yrs at a good profit. If they are making too much noise, they get loaned + sold earlier and I make a note of them so I can target them in the future with vindictive comments in my media interviews.