More details:
What is the 'Project Big Picture' proposals?
The Premier League cut from 20 to 18 clubs, with the Championship, League One and League Two each retaining 24 teams.
The bottom two teams in the Premier League relegated automatically with the 16th-placed team joining the Championship play-offs.
The League Cup and Community Shield abolished.
Parachute payments scrapped.
A £250m rescue fund made immediately available to the EFL & 25% of all future TV deals
£100m paid to the FA to make up for lost revenue.
Nine clubs given 'special voting rights' on certain issues, based on their extended runs in the Premier League.
Who is backing it?
Liverpool and Manchester United have created the plan. No other clubs are yet on the record as supporting it.
"This is two of our great clubs showing leadership and exercising responsibility," said Parry. "The message from Liverpool and Manchester United is that they do genuinely care about the pyramid.
"The Premier League could have come up with a plan like this at any time. How long has it taken to get a rescue package? Months.