Ian Chappell has praised the altruism of modern-day successor Steve Smith and his Test teammates, saying Cricket Australia unsuccessfully gambled on players' greed in the ongoing spat.

Former Test captain Chappell was a leading figure in Australian cricket's most meaningful and momentous pay fight, which came 40 years ago in the form of World Series Cricket.

Kerry Packer's breakaway competition revolutionised many elements of the sport and ended the amateur era.

The stakes aren't quite as high in the current dispute, which remains at a standstill as the June 30 deadlines fast approaches.