Re: Small Market
Well, there are really two issues here, one being your market and the other being your revenues. Market size has a significant impact on revenues, obviously, but it's not the only factor. Attendance, lease terms, corporate presence, regional popularity and TV/radio contracts all matter. (Local media deals are the primary cause of disparity in team revenues, though.)
By any measure, the Reds are in the bottom third of baseball cities in terms of market size. But that doesn't mean they have to stay small-revenue forever. Cleveland and Seattle are great examples of former sad-sack franchises that got it together and turned into revenue monsters (without benefit of a superstation, e.g. Atlanta). St. Louis is another good example of making the best of a middling market.
Now, there's an obvious correlation between those franchises turning into gold mines and extended periods of winning. So you'd think the lesson would be obvious -- spend money, turn the team into a winner, then sit back and watch the cash roll in. But the other obvious lesson of baseball history is that free spending gets you nowhere as often as not. Call it the Jacobs/Hicks Paradox.