I'd go for a cap if they had a hard minimum salary... and don't say the small market teams couldn't afford it either since there is already a socialized revenue sharing going on.
Let me ask you though ;following up Elliot's point. The Mets in your division were the 2nd highest paid team in baseball. What did it get them ?
If the dynamics changed the Yanks would still come out ahead . Why ? Because they would put their money into scouting and the minor league system like they did in the days before free agency.
My point remains .They are successful because they are willing to spend their money on their franchise instead of pocketting it.