On a day Gallop declared was very exciting for football, he announced the new television rights deal, worth double the previous agreement, would be shared between Foxtel, Fox Sports and for the first time the A-League will be shown free-to-air on SBS.
"The former sleeping giant of Australian sport is awake. He's out of bed, he's in the street and now has some cash in his pockets," Gallop said at a media conference on Monday.
Beginning at the start of the 2013/2014 A-League season, SBS will show one live match every Friday in the deal that ends on July 1, 2017.
The network will also broadcast all finals matches, including the grand final, on a one-hour delay and a weekly highlights show.
FFA chairman Frank Lowy hailed the new deal.
"The outlook for Australian football is increasingly positive," he said.
Gallop said the $160 million consisted of $140 million cash and $20 million in advertising.
The A-League salary cap will not be raised despite the increase in money coming into the game, Lowy said.