Bosnich's warning comes ahead of the June 30 deadline for the establishment of an independent A-League, which must be agreed to by a majority of the state federations, A-League clubs, PFA and Women's council.
This season has seen a decrease in both the average television viewers for each A-League match as well as falling crowd numbers.
“It must be known to everyone that the ratings have fallen off the cliff the last two years,” Bosnich said on Fox Sports' A-League Round Table.
“Fox TV ratings and also the commercial ratings for Channel 10. The way things are going right now is unsustainable. Time is not on our side.
“So I will say to all those member federations... if I can’t appeal to your goodwill in the sense of doing something right, I will say this. If this procrastination results in loss of revenue from the clubs then you will be held accountable.”
The former Manchester United goalkeeper warned that the league could collapse if something was not done soon, with only four years remaining on the Fox Sports tv deal with the league.
“(Fox Sports) have invested over half a billion dollars, the clubs have invested over 350 million dollars. These federations have got to be honest enough and say they have invested very very little," he said.
“There’s four years left on that TV deal and we’re very lucky to have Fox Sports but luck can always run out.
“The Socceroos are the flagship but the clubs and the A-League is the fleet and if that goes then the whole thing will go back to being part-time. Unless that’s what they want.”