Goodell was set to make up to $40 million per year after signing a five-year extension in 2017 worth a max of $200 million if incentives are met. His base salary is in the range of $20 million.
Per Schefter, the change in income has nothing to do with the league's plans for the 2020 season, which remains on schedule to begin in September.
In addition to Goodell's voluntary pay cuts, the league has implemented tiered reductions for other executives and managers, according to Seth Wickersham of ESPN.
The reductions, which will go into effect in May, range from 5-20 percent and will not impact anyone making less than $100,000 per year.
"We hope that business conditions will improve and permit salaries to be returned to their current levels, although we do not know when that will be possible," Goodell wrote in a memo.
The COVID-19 pandemic has forced significant adjustments to the NFL schedule, with team facilities being closed since March. The league still held the 2020 NFL draft, although it used a virtual format with all parties participating from home.
Goodell announced picks from his basement during the first two days of the draft.
The NFL also used the time to produce a Draft-A-Thon to help fundraise for those in need, adding to the $50 million that had already been donated by the league, players and owners.