The problem is the owners who are pocketing tens or hundreds of millions of other teams' revenue instead of spending it on players.

Don't forget, it wasn't that long ago that the MLB owners approved the sale of the Dodgers to a guy with no money (McCourt) and he looted the franchise to the tune of half a billion dollars and took the team into bankruptcy and the league had to guarantee they would make payroll. Fortunately Frank's wife's driver took one for the team, causing a divorce and then a court-ordered sale of the team to owners who actually care about winning instead of fleecing the franchise and the league.