Last year the League signed a deal worth £300 million over three years with ITV Digital but ITV went bankrupt last May still owing £178.5 million.
The new deal will pay the clubs just a fraction of what the last offered, the league have a court case coming up against ITV Digital's owners, Carlton & Granada, at the end of the month.
The Nationwide League clubs are confident that they can make some more money by selling the TV rights for highlights of matches.
Reading chairman John Madejski told readingfc.co.uk: "The fact is that Football League clubs will now receive £95m over four years, as opposed to the £178.5m for two years which we were supposed to be getting from ITV Digital, so there's still a huge shortfall.
"We'll only be receiving around 27% of the money we were expecting, but nevertheless it will be gratefully received, and I'm very pleased that a deal has been achieved."