Premier League clubs have thrown out Project Big Picture.
But there will be a cash boost for clubs in Leagues One and Two.
Albion were among the clubs who have voted not to adopt the plan which would have brought major changes to the way English club football is structured.
A Prem statement issued this afternoon read: “All 20 Premier League clubs today unanimously agreed that "Project Big Picture" will not be endorsed or pursued by the Premier League, or The FA.
"Further, Premier League Shareholders agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football, consulting with all stakeholders to ensure a vibrant, competitive and sustainable football pyramid.
"Clubs will work collaboratively, in an open and transparent process, focusing on competition structure, calendar, governance and financial sustainability.
"This project has the full support of The FA and will include engagement with all relevant stakeholders including fans, Government and, of course, the EFL."
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Albion chief executive and deputy chairman Paul Barber last night revealed he and club owner Tony Bloom were shocked to see the plan emerge over the weekend.
Both men felt it undermined all Albion have worked for under Bloom's guidance over the past decade.
But, equally, they have been to support smaller clubs where possible.
READ MORE: Why Albion were shocked by Big Picture
The Prem have offered third and fourth-tier clubs a rescue package of grants and interest-free loans totalling £50 million on top of the £27.2million in solidarity payments already advanced.
Talks will continue over support for clubs in the Championship.
The statement added: "This addresses Government concerns about lower league clubs’ financial fragility.
"Football is not the same without attending fans and the football economy is unsustainable without them.
"The Premier League and all our clubs remain committed to the safe return of fans as soon as possible."
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