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The Cho-Faddeev-Niemi-Shabanov decomposition of the SU(2) Yang-Mills field isemployed for the calculation of the corresponding Wilsonian effective action toone-loop order with covariant gauge fixing. The generation of a mass scale isobserved, and the flow of the marginal couplings is studied. Our resultsindicate that higher-derivative terms of the color-unit-vector $\mathbf{n}$field are necessary for the description of topologically stable knotlikesolitons which have been conjectured to be the large-distance degrees offreedom.Comment: 15 pages, no figures, v2: minor improvements, one reference added,  version to appear in PR

Wilsonian effective action for SU(2) Yang-Mills theory with the Cho-Faddeev-Niemi-Shabanov decomposition