Currently all the revenue from international deals is shared equally among the 20 clubs but the bigger clubs had been pushing for a greater share of the money, arguing they are the main attraction for foreign viewers.
Under the new agreement, which comes in place from the 2019/20 season, the clubs will continue to share current levels of revenue equally but any increase will be distributed based on final league position.
Under the new formula, the maximum a club can receive is 1.8 times the amount received by the lowest earning club, the Premier League said in a statement.
Premier League executive chairman Richard Scudamore said the league's revenue sharing remained the most equitable in Europe but it was time to amend an agreement dating back to 1992."Back then the clubs put in place a revenue sharing system that was right for the time and has served the league well, enabling them to invest and improve in all areas," he said.
"This new agreement will continue that trend with a subtle change that further incentivises on-pitch achievement and maintains the Premier League's position as the most equitable in Europe in terms of sharing central revenues.
The revenue from British rights is not distributed entirely on an equal basis with clubs given more according to league position and also the amount of times they feature on live broadcasts.
The Premier League said on Thursday that Amazon.com had won a share of UK rights for the first time, meaning it will show 20 games per season from 2019-20. Sky and BT have retained most of the domestic rights.
(Reporting by Simon Evans; Editing by Keith Weir)
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