On July 1, NBA free agents agreed to deals totaling nearly $1 billion in the first 24 hours of free agency.
In an appearance on the ESPYS red carpet on Wednesday, Sherman was asked by ESPN's Jalen Rose whether NFL players would have to consider striking to get similar deals.
"Oh, 100 percent," Sherman said. "If we want as the NFL, as a union, to get anything done, players have to be willing to strike. That's the thing that guys need to 100 percent realize.
"You're going to have to miss games, you're going to have to lose some money if you're willing to make the point, because that's how MLB and NBA got it done. They missed games, they struck, they flexed every bit of power they had, and it was awesome. It worked out for them."
Sherman also said NFL players have to re-evaluate how they look at contracts and longevity, pointing to deals signed by the Golden State Warriors' Kevin Durant and the Cleveland Cavaliers' LeBron James.
"NBA players like KD and LeBron are sitting there taking two-year deals like it's nothing," Sherman said. "They figure, 'I'll take a two-year deal because I'm going to wait for the salary cap to increase and get another bite at the apple.' In our sport, they won't do it."