All 24 clubs will meet at Villa Park today to discuss and potentially challenge Sky's renewed partnership - all of which can lead to several different outcomes.
Here's everything you need to know about the deal and how it could affect your club:
How much is the new Sky deal worth to Championship clubs?
At the start of 2019-20 season, Sky will pay Â£595million over five years, equating to Â£119m per term, a Â£29m increase on the current annual figure of Â£90m.
The new deal will see Championship clubs earn around Â£3m a year before any payments are received for any live TV appearances.
Why are Championship clubs unhappy with the deal?
Several Championship clubs, including Leeds United, Aston Villa and Derby County, have voiced their concerns over the deal, believing they are being shortchanged.
They're also unhappy with the five-year time frame, believing it is too long of a commitment given the way sports broadcasting is evolving.
The majority of second-tier clubs wanted the EFL to renegotiate a deal with Sky or suggest they end their partnership and seek other TV revenue streams.
Leeds owner Andrea Radrizzani, who owns broadcasters Eleven Sport, believes it threatens other revenue streams as Sky’s red-button scheme allows for an increased number of games to be televised in midweek.
How do clubs plan to fight against the deal?
Representatives of all 24 Championship teams will gather at Villa Park today to discuss their next move after seeing objections to Sky’s new contract rejected by the EFL’s board.
A BBC report understands that if the new Sky deal is to be finalised the "EFL should not be patting themselves on the back thinking they have won and they should not see this as being done, because in fact, they have just started a war".
How might the deal affect Championship clubs?
Ultimately, should the deal stand, friction will continue to grow between clubs, Sky and the EFL.
Clubs could begin to apply more pressure and possibly pursue an idea of creating a breakaway league, such as a Premier League 2 - which Radrizzani suggested last month.
This would allow some of the Championship's biggest clubs to pull away from the EFL (League One and Two) and potentially earn closer to what Premier League teams are receiving off TV revenue streams.
However, this seems unlikely with the option of a long and lengthy legal challenge more probable.
That said, it all depends on the outcome of today's meeting.
What about League One and Two clubs?
Unless clubs are promoted to the Championship, nothing is likely to change for League One and Two clubs.
A big issue will only occur should second tier clubs push through a move for a Premier League 2-type scenario.
Naturally, valuable TV money could be lost and the gap between League One and Two to the Championship would become much bigger.