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The Players Union will never allow the cap to be so low to bring the rest of the field into play (I'm not all that sure they would agree to any cap).
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They'll have to agree to it eventually if the ratings keep falling at the rate they are. By then it could be too late. Maybe they'll just eventually have like an 8 team league with all the powerhouse markets. That would be more exciting than watching the same teams get beat up all year and hand off their amazing players to the highest bidder at the trade deadline...year after year after year....