We will not become a better team by giving less to players like Marchisio. No matter how bad we are at the moment, we can't compare ourselves to teams like Udinese. Only because we have been playing like a mediocre team in the past few years doesn't mean we CAN pay for players' wages like mediocre teams do. The way you put it, no player in our team (excluding one or two) deserves to get that much but thing is that we can't make pay-cuts and then bring in players who won't come unless they get 6 times more. It wouldn't make us a better team either. We need to offload the garbage we have, add world class players (for whom we will have to pay much more than what they deserve), hire a real coach and then we can hope to be a top team again.
No, what we need to do first is to make the squad smaller. Names don't matter in this case, but as an example I'll use Rakitic (plays LW and CM) to replace both Sissoko and Martinez in our squad. Moves like that are needed at first. I know that considering the injuries we had lately making the squad smaller might look like a suicide, but that's a risk that needs to be taken.
Then we offload some high earners, which will be a tough job but can be achieved if we continue for a year to pay part of their wages (like we did with Trez).
Only then we can start thinking about giving pay rise to Marchisio and the likes.
Of course, we'll also need to stop paying 3, 4, 5 millions to guys like Toni or Pirlo, guys who sooner rather than later will put us again in a position where we'd like to get rid of them but we won't be able to do it due to the huge wages they earn.
That kind of work will very soon, in 2-3 years, result with us paying the same wages we pay now, but we'll have a much better team.