I've advocated for a long time that local TV revenue should be shared the same way gate revenue is shared. This has a few effects that I believe improves the sport drastically:
1. Division competitors who play one another a lot receive extra parity. No longer will Tampa be forced to run 40% or less of the Yankees or Red Sox payroll. When they play each other, Tampa gets 50% of the gates in those games.
2. This retains some large market imbalance, which is probably a good thing. The Yankees are simply more popular than the Orioles, having them spend more money is probably the right decision for the sport as a whole. But it closes the gap between large markets and small markets considerably, which is necessary.
3. Doing this would allow the sport to aggressively pursue both a salary cap and floor. Fix the cap and floor as a percentage of total revenue, just like they do in other sports. In this scenario, the floor and cap would still be far apart from one another - say $125m floor and a $250m cap - but that gulf still pales in comparison to what we see right now, which is $60m payrolls going against $275m payrolls.