The boss of League One champions Plymouth Argyle says the Pilgrims will have the lowest budget in the Championship next season.

Steve Schumacher's side had a £6m wage bill in their latest accounts - for the season 2021/22 - while the average Championship side spends £32m on salaries.

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Ipswich Town, who finished second behind Plymouth, spent £16.43m on wages over the same period.

But Schumacher says while his club can't compete financially with others in the second tier, he intends them to punch above their weight.

"The challenge is can you overperform your budget?" he told BBC Radio Devon.

"That's always the brief - can you punch above your weight for a couple of places, and if we can do that and manage to do well and survive in the Championship then everyone would obviously see that as a progression.

"I understand where we're at and what we're going into the division with."

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He added: "The challenges are that you're shopping in a different shop now. 

"You're having to get players who are that next level, so that next level requires more money and that's why it's so important that we try and spend the money that we've got available to us wisely and make the best use of it that we can."

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Schumacher continued: "We got the recruitment right last season, we will try and get it as right as possible now," he said.

"We know what we can afford, we know the types of player that we want to try and get because of what suits us as a club and me as a manager.

"We know what type of player we want, it's whether we can afford them and whether we can put a squad together that can compete - but I'm really confident we can."

While Plymouth and Town know they'll be competing in the Championship next season, the final promotion spot from League One is yet to be decided.

Peterborough thrashed third-place finishers Sheffield Wednesday 4-0 in the first leg of their play-off semi-final last Friday, while Barnsley drew 1-1 at Bolton Wanderers on Saturday.

Wednesday will try to save their season at Hillsborough on Thursday night, with Barnsley hosting Bolton the following evening.

The League One play-off final is on Bank Holiday Monday, May 29, at Wembley Stadium.