I actually think that this is pretty scary news for Rangers that the players are accepting a deferral of wages till the summer.
The debt in real terms is increasing as the players will want the money sometime, and/or the money potentially recouped at a later date is going to be less as players look for an extra cut. The most efficient way would have surely been for the administrator to cull the playing staff with inital redundancies for those with larger wages and no ongoing value (i.e. contracts expiring in the summer), and then maybe look at deferrals for smaller numbers.
I actually think that this is just a stay of execution before the worst really kicks in next season, assuming they make it there, when income is going to be lower again as there is no Euro games and less revenue from tickets (unless someone finally gets to the bottom of Ticketus and finds a loophole).
And all this is before any change/penalties forced upon them by the Band of 10/SPL/SFA/Uefa.