Baseball has been dying before the 3 outcomes. This march to the sport's irrelevancy predates it.
But the larger error you make here is equating "making more money" with "well run franchise". The Red Sox have been, at times, an absolute ****-show of decision making in the last decade, Yankees too, but that hasn't stopped them from making bank on their media deals. The Angels should be renamed Mike Trout and the Sunk Costs, but that hasn't impacted their revenues. In MLB, the revenue disparities have significantly less to do with the acumen of the management team than the geographic location than any other major sport. And it ain't even close.