I wonder if that's still true. I had a quick glance and it was citing examples like Paul Gascoigne and David James so I wonder how far back it went. In David James' case, it happened while he was just about still playing, so it's hard to blame the drop off in income after he finished his career. Given that bankruptcy in these cases are typically related to bad investments, tax bills, divorce payments, etc, is massively increasing the salary of players actually going to do anything to improve that situation? Are they less likely to go bankrupt if they have more money? Logic would say yes, but lottery winners in the states are way more likely to go bankrupt than non-lottery winners. I don't know if there's any link between the amount of money you start with and the likelihood of you going bankrupt once you get into the millions.
I'm not sure it is. I think anyone in the Premier League has the second option. Anyone with 5-10 years in the Premier League is likely to be a multimillionaire with their house(s) paid off. Whether you want to continue working at that point (and most people do, because people, particularly those driven enough to become professional footballers, like to have a goal) is a choice whether you retire with 10 million in the bank or 200 million.