The financial ramifications of Covid-19 forced the Latics to announce the measure on Wednesday, with the club now subject to a 12-point deduction from the EFL with the timing of the sporting sanction determined once final league placings in the Championship are known.
Monk believes that more clubs will follow as they wrestle with unprecedented times in football with clubs currently being starved of match-day income and a number of other revenue streams.
Monk, whose Owls side visit Swansea City on Sunday, said: "All you can is try and concentrate on yourselves. But with the Wigan situation, that is something that none of us wants to see, do we. We do not want to see clubs go into administration like that.
"With the lockdown, I do not think we all really realised what is coming. It can be a worry. At this moment right now, we are just focused on ourselves and we have got football matches to concentrate on.
"But the bigger picture is that we don't know what is coming around that corner. Wigan won't be the first to go into administration. It is worrying times in that sense.
"What football needs to do is work out a way where we can try and help clubs. How we do that, who knows. It is an easy option to say that the Premier League has all the money and those clubs should be the ones helping, but I do not think it is simple as that or right to say that. It is an easy 'out'.
"What we do need to do as an organisation and those Premier League clubs involved is work out some way of helping football.
"Hopefully it doesn't, but I definitely think there will be more Wigan situations to come with no revenue, crowds goes on for a long time.
"I do not know what the answer is. In this situation, I do not even think we know what is coming."