The Bantams, who were forced into administration in May and have estimated debts of over £20million, held urgent talks with the PFA after the players were told their wages for November would be delayed.
A statement on the Bradford City website reads: "The players have agreed to defer a significant proportion of their wages until the end of July 2003 to allow necessary breathing space to explore all refinancing options.
"The players agreed to the deferral immediately, showing great willingness to help the club as much as possible."
Chief executive Julian Rhodes added: "I would like to thank the players for the trust they have shown in the Board and allow us the time to help secure the future of the club."