The review published Wednesday shows that the annual average pay at Barcelona was $7.9 million and $7.4 million at Real Madrid in the 2009-10 season.
The Yankees are paying their players an average of $6.8 million this season. The team last year topped the review which is compiled by www.sportingintelligence.com and is being published by ESPN The Magazine.
The LA Lakers and Orlando Magic of the NBA occupy fourth and fifth spots.
The report looked at average first-team pay in 14 of the world's leading sports leagues, including Aussie Rules Football and cricket's Indian Premier League