Agreed, and truthfully the issue isn't really at the top. I think most teams could spend between 150-200 million. I would like the gap to be a little smaller, but in that space it's a competitive game.
The problem with no cap is you get no floor, and with no floor you allow for anti-competitive behavior.
As I laid out a year or two ago, the lack of a cap is actually killing players now. It's creating this situation where very few get paid, but the overall distribution of revenues to salaries is lower than the other two major sports. The players would actually get MORE money if they agreed to a cap, because it would also force transparency from ownership and would force spending. The middle and bottom would be brought up, but the top would come down a bit. Baseball players are shooting themselves in the foot so that the top 3% of the league can make as much as possible. Truly America's Game lol