So if they personally agree to a pay cut, then they should be certain that their finances would not be hit too hard. While they may be extravagant, they would have investments. In actual fact most of what they lavish money on are investments; the houses and jewelries etc. So I think they will come out just fine.
You know what, I can respect all the players who've agreed to a pay cut, like those at Barca (that's why I love you guys a lot!) but you know what? I can also respect players who don't want to take a pay cut. Everyone has a right to a salary and their clubs should understand that. Freedom of personal choice.