I think an element of it should be linked to attendances, there's no way Sunderland should be limited to the same maximum as Accrington, but it is absolutely suicidal to not have these caps. These aren't start-up companies, they're community assets as much as they are limited companies, and the salary cap in Rugby Union and most sports in ultra-capitalist United States show that isn't exactly a foreign or exotic concept.
Exactly this. Sports stars in US team sports still earn huge salaries but the leagues keep a competitive edge by having team salary caps. It makes it more interesting because its not always the usual suspects winning each year.