Currently, the league's traditional heavyweights such as Real Madrid and Barcelona are given a significantly larger chunk of television revenues than the remainder of the league by the LFP - in stark contrast to divisions like the Premier League.
With England's top flight announcing a record new deal on Tuesday, Collet has demanded that Spanish football follows suit for the overall benefit of the league.
"Any team in the Premier League can sign your best player by doubling their salary," Collet told Spanish radio station RAC1.
"That's what's happening to us and it will keep happening if this situation isn't sorted out.
"We're willing to bring La Liga to a halt through the LFP if a decree isn't issued about the regularisation of TV rights. If they don't get their act together, we're willing to do it.
"A lot of clubs have already signed deals for 2015-16, but if a decree is issued then the contracts can be cancelled from the following season.
"The decree could be in place by then, but we can't negotiate at present.
"Our hands and feet are tied and we remain in the shameful situation that the top two clubs [Real and Barcelona] earn the most [from television] in all of Europe."
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