The former Tottenham manager hit out after a 1-0 Barclays Premier League defeat at Newcastle.
Asked about his plans for the January transfer window, Redknapp said: "I don't want to spend their [the club's] money, to be honest with you.
"There are a lot of players at this club who earn far too much money for what they are; far, far, far too much money for their ability and what they give to the club.
"I don't really want to see the owners have their pants taken down like they have in the past. There's a lot of agents made money out of them.
"I fined a player last week and he was earning more than any player earned at Tottenham.
"You shouldn't be paying massive wages when you've got a stadium that holds 18,000 people.
"This club [Newcastle] holds 52,000 and most of their players will be nowhere near some of the wages some of the players are earning here."