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The two Soweto clubs reaffirmed their affiliation with the mobile giant for the fourth time since 1998 last week, with Chiefs and Pirates both expected to receive a R100 million pay out per year, running for five years.
Speaking to Business Day about the mammoth sponsorship deal, a clearly irked Ferreira said: "That is not sustainable. I think if South African football has been in trouble for the last 10 years (it is because) of the money pumped into the likes of Kaizer Chiefs and Orlando Pirates.
"When I hear of a R1bn sponsorship, I think we are all in serious trouble.
"It is getting to a stage where all the other clubs are just there to make up the numbers. Somebody should look into that."
However, Vodacom South Africa managing director Sipho Maseko revealed the agreement stretches far beyond just shirt sponsorship.
"We have teamed up with both teams to develop a complete range of connectivity products that they will be able to sell to their supporters," Maseko said.
"It is the realisation of this commercial value within the soccer support base that will yield significant financial rewards for both clubs.
"Our shirt sponsorship agreement is just a portion of the revenue the teams will receive."
However, Matsatsantsa bigwig Ferreira remains unconvinced, adding: "(Chiefs and Pirates) have made a huge contribution to South African football but the truth is that the game is going to be the biggest loser here.
"If SuperSport United cannot compete, imagine what it feels like for the other teams who are fighting relegation. How are they going to compete?
"I do not begrudge these teams the kind of money they are getting, but that is the reality and it is going to hurt South African football. There is no doubt in my mind."
