The best way to make this work is that the clubs follow the NFL. They have a squad salary cap but it does not matter how much you want to pay an individual player - so long as the summmation of all the salaries does not exceed the agreed total salary cap. So it you want to play £250K per week - fine - but it means others in the squad will have to draw less money. System works very well too.
Only because there's no competition from better leagues than the NFL, and even then wages are still ridiculous - look at Drew Brees' recent contract. He's getting paid $100m over 5 years, which is probably more than any football player in the world!! But yeah, on the whole the financial system over there (shared merchandise revenue etc) is far better.
