What if a team doesn't earn enough revenue to even meet the minimum cap? I think a maximum cap is the only answer personally. Maybe some combination of both, but the minimum would have to be set fairly low.
If these small market teams don't generate tons of revenue, why are there hundreds of people frothing at the mouth to buy them anytime one comes up for sale? Do millionaires enjoy losing money?
Like the previous poster said, don't hate the Yankees just because George puts his money where it counts-on the field.
My idea for a Salary cap is that there should be a % of all revenue used instead of a hard number for all teams, also with a minimum number. For instance, say that percentage is 50%. Your teams draws $200 million, your cap is $100 million. Another team draws only $150 million, their cap is $75 million. A 40% minimum ,or maybe 45%, would ensure that tightwad owners DO put their money on the field.