You actually hit it on the head exactly, small markets franchises don’t generate equal revenue, they don’t deserve to spend at the same level as the big markets. I would also argue that from a purely entertainment perspective, sports are better with underdogs, and I don’t want a world where baseball doesn’t have that anymore. Theres nothing impressive about, as an example, the Brewers winning the NLCS over the Dodgers in a salary cap environment, the resource disparity made it compelling to a wider swath of people. Part of pro sports fandom is civic/regional pride, a salary cap is basically saying “our city can’t compete with yours so we need help” instead of finding other ways to win ala Tampa Bay or the money ball A’s.