For example, I believe that the Royals are owned by the family that either founded Walmart or has a large financial share in Walmart
Okay, so what? You're saying the overall product, called Major League Baseball requires many of its owners invest millions out of their own pocket while Steinbrenner pockets millions every year? That's real conducive to a balanced league. So in order to be the owner of the KC Royals, you have to accept that every year you'll bring in 25 mil in revenue but have to spend 50 mil in payroll, for example.
See, in football, the fundamental difference they recognized is that the product they are selling is not the Cowboys, its the National Football League. The product is no good if every year Pittsburgh, Green Bay, Cincinatti and Kansas City lose Tony Gonzalez, Larry Johnson, Ben Rothlisberger, Hines Ward, Chad Johnson and Carson Palmer to the Giants, Redskins and Cowboys. With the cap, Pittsburgh still loses some free agents but not ALL of them like in baseball because it is simple economics. In baseball, Pittsburgh has a payroll of maybe 1% of the sum of all basbeall payrolls. In football, they've got maybe 3%. That's 3 times the chance to keep a player from going to a big market team. The payrolls are distributed almost evenly.
SkinsCanes, I do agree, without a cap, that a payroll floor would be a necessary tool to keep teams competetive, as long as revenue sharing distributes enough money to support it.