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The news of the players wage cuts follows discussions with the Professional Footballers' Association and will save the Watford FC £1.3million over the next two years.
Chief executive Tim Shaw said: "This is a fantastic gesture by the players and staff - including our office-based personnel.
"It shows we are absolutely united in turning the financial corner here.
"The agreement of players and staff now means we can look to raise the remaining funds with confidence and launch a 'Save Our Club' campaign with fans to help us on our way.
"We will do our utmost to repay the deferred portion of salaries in the future, but we have now agreed that there are no guarantees."
"On a wider football level I believe we are now in the vanguard of clubs who have taken steps - albeit tough ones - to return football clubs to some semblance of trading normality since the crash of the ITV Digital deal and its knock-on effect pulled the rug from under us.
"Since yesterday's announcement we have had many messages of support but today's agreement is a tremendous boost to us all.
"Let me reiterate we still have a way to go, but we've taken a major step on the journey."