Actually, it is. There's an enormous amount of money flowing into the game, it just isn't shared out evenly. However, you won't see a cleaner cut example of a meritocracy in any walk of life. It's in the hands of the club's themselves; do better, get a bigger share.
That may sound fine in your head but nothing is that clear cut. Enormous amount flowing into the game from our Sky bills you mean. I'd have hoped with our own club's history or rank bad ownership you'd take a slightly more nuanced look at the effects of free market football.