Under a new payment scheme announced on Wednesday by the Australian Cricket Board, players could earn up to AUS1$m over a four-year period.

Centrally contracted players will be ranked from one to 25 with the number one ranked player the best paid.

But the 36-year-old Waugh denied the cash boost will lead to older Test players extending their playing careers.

"Money shouldn't influence how long you play and I think that will show through," Waugh said.

"And if I'm not good enough, I don't want to be there," he added.

ACB public affairs manager Brendan McClements said that players who postponed retirement to chase the big salaries would still have to produce results on the field to meet rankings requirements as set down by selectors.

Waugh said the players were happy with the deal, which was negotiated on their behalf by the Australian Cricketers' Association (ACA) chief executive Tim May.

"It's something we've been working on for a while and I think it's obviously fair because the cricket board have agreed with the ACA," Waugh said.

Speculation as to which player will benefit most from the new deal has centred on vice-captain Adam Gilchrist, batsman Ricky Ponting and fast bowler Brett Lee.

"There's guys who are doing pretty well, but Brett Lee would have to be at pretty short odds I think," Waugh said.

"Good luck to them whoever it is. You never know, it might be Steve Waugh," he added.