Gordon Taylor has warned that Portsmouth can only be saved if all parties are willing to "take a hit" on what they are owed.
Administrators for the financially-stricken south coast club have warned that it could fold within two weeks unless most of the players remaining at Fratton Park are either sold off or agree to compromise on their contracts.
Eight senior players are believed to be in dispute with Portsmouth, the 2008 FA Cup winners, over unpaid salaries. The club's former owner Balram Chainrai and his Portpin company could pull out of a proposed deal to buy back the club if more players are not moved on.
Taylor, the chief executive of the Professional Footballers' Association, said "we need everybody to have something, but not all, that they are owed - otherwise everybody's just going to get nothing".
He told Sky Sports News: "It's about everybody getting in the same room - the players, the club, the administrators, the potential new owners - to deal with the situation rather than looking at it separately.
"If not, there's no transparency as to how serious the situation is. If this club is going to survive we need everybody to have something, but not all, that they are owed - otherwise everybody's just going to get nothing."
He said the Premier League had "been very co-operative on parachute payments" and "the Football League have told the owners they can't get all the money back that they put into the club originally, so they've got to take a hit'' but said Pompey's plight was "embarrassing" for the game.
Supporters group SOS Pompey handed an open letter to the players at the club's training ground in nearby Eastleigh in an attempt to persuade them to compromise on wages.