The MLB players union is one of, if not the, strongest unions in the country. Seemingly, the only way to break the players, and achieve a salary cap would be to initiate a very long holdout by the owners. This would have to last at least 1 season, causing the players to start feeling the wallets lighten. And all of the owners would have to be united.
Do you think the Steinbrenners and Henrys of the world would be OK with this solution. They want no cap I would assume, because they make boatloads off of their teams success. Even the teams who are losing, I would assume a good number of them are still making a profit. In their minds, why break a system that works.
How would the fans react to losing a season. The NFL is already vastly more popular than MLB. While the NBA is struggling right now, we don't want to risk having baseball losing popularity, which would make it even harder for the low budget teams to succeed, while the large market teams won't even notice.
And what about the talent pools. The most talented athletes have been heading towards football, and some to basketball, these days. What happens if there is an extended lockout to institute a salary cap. Baseball could lose dozens of future stars to the other sports. Again, small market teams build through the draft.
One last thing, high payroll does not mean success. The Yankees and the Red Sox and the Angels are well run. According to this list,
http://content.usatoday.com/sportsda.../salaries/team, the next 3 teams in terms of payroll, after the previous four that were mentioned, are the White Sox, Cubs and Mets. The White Sox are usually pretty good, having a down year this year.
The Cubs and Mets have been bad for awhile, sinking money into old expensive players.
Would I like to see the system fixed? Yes. But it would not be an easy fix. The players have too much power at this point, and in the short term the game could take a serious hit.