This is exactly the reaction Daniel Levy and Matt Hancock wanted. Footballers are and always have been an easy target and will now be used to cover up the failings and greed of others.
Who benefits from PL players taking pay cuts? There will be some clubs that aren't generating huge amounts of cash and aren't owned by multi billionaires that will need players to take cuts or deferals to survive however a big chunk of PL clubs do generate significant cash and or are owned by extremely wealthy individuals.
Take Spurs as an example. They just released their accounts for last season and had an EBITDA (basically cash profit before interest and tax is paid and some paper expenses are deducted) of £168m - they are generating more than enough cash to pay everybody at the club in full without the need for outside help. Even if they did need outside help, their accounts also showed that Daniel Levy paid himself a £3m bonus for completing their new stadium project, despite it being massively delayed and over budget. That £3m was on top of his £4m salary which was already considerably more than any other PL director. Levy owns just under 30% of Spurs (worth well in excess of £1bn) with the other 70% owned by a multi billionaire tax exile Joe Lewis. If Spurs players take a pay cut then who benefits? Well not the government as there will be less tax being paid on players saleries. The only people that benefit are Daniel Levy and Joe Lewis. Matt Hancock got his cheap headline to cover up his own failings though.
Millionaires taking pay cuts to benefit billionaires.
You didn't read the "if the season can't be finished part" did you?
If the season cannot be finished then there are two extreme options, void the season and use last seasons table (something UEFA reportedly are against) or use the current standings, whether that be exactly as things stand or based on points per game to make up for games in hand. PPG or current standings still wouldn't have Sheffield Utd in 5th. And whether we use last season or the current standings/ppg, Chelsea would still be in the CL.