The paper reveals that defender Tal Ben Haim is still earning a staggering £36,000 a week, while the club has 10 players on their books that are costing them a total of £11m a year in wages.
Ben-Haim also has an image rights contract worth £1m a year, while Nwankwo Kanu is picking up £10,000 a week at the Hampshire club, who were relegated from the Championship last season.
Aaron Mokoena, Greg Halford, Liam Lawrence, Hayden Mullins, David Norris, Erik Huseklepp, Luke Varney and Dave Kitson are the other big-earners at Fratton Park.
The club are still in administration, but the players are entitled to be paid in full under the football creditors’ rule.
"For the club to survive, we have to sell them," administrator Trevor Birch admitted to the Mail.
"They are on wages that are unsustainable at League One level. They are all for sale. We have already made some savings, but it isn’t enough to save the football club."
The wage bill is one of the key things stopping prospective owner Balram Chainrai from investing in the club, while he claims he is owned £19m from his previous spell in charge.
The big wages are remnants from Portsmouth's days in the Premier League, when they overspent in pursuit of glory. Portsmouth were a Premier League club as recently as 2010.
The Mail also claims that former players - such as Michael Brown, Richard Hughes, Aruna Dindane, Benjani, David Nugent, Hassan Yebda, Ricardo Rocha and David James - are all owed 'substantial sums of money'.
"We are negotiating with the (ex) players, but so much depends on whether an agreement can be reached," said Birch.
"The sums of money are so vast that it complicates the matter and the players can always fall back on the football creditors ruling, which means they must get paid."