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Eliminate the cap, but also mandate 100% revenue sharing. Give the small-market teams the ability to benefit from the large-market media deals.
I completely agree. I think the logic for revenue sharing is unassailable: no team is profitable by itself. Fans don't pay big ticket prices or tune in on TV to watch famous players stand around. Teams are only profitable as part of a league, so all the teams need each other. The league revenues should thus be considered shared revenues, earned collectively.
I do think that if revenue sharing was put into place, there should be a salary floor. Team owners should not be allowed to simply pocket shared revenue and not spend on their team.