Levy is correct - Football transfer fees have always been relative to how much money is within the football economy. The more pumped in by sponsors and TV companies, the more transfer fee and wages rise.
In a way, football economics is as close to a perfect capitalist market as you can get. Its isolated and purely based on need, genuine supply and demand. Post covid19, the size of football economy will shrink. Selling clubs will be desperate for revenues, given Covid 19 lost earnings, buying clubs will play brinksmanship until they can resist no longer.
Add on top of that the 'socialism' that post covid19 society may demand: i think its not going to be a very good look for players to continue to earn these outrageous sums of money.