Baseball dies without a major change. People aren't showing up to the ballparks already and it will only get worse the further the divide becomes. And there is no stopping that gap from expanding with the current scheme continuing unobstructed.
You either contract the league and run 12-16 teams (makes no sense given there would be a couple hundred players out of work who shouldn't be, just at the ML level alone) or you implement a cap that finds some sort of middle ground.
What I think will end up happening, is no cap, but teams like LA/NY will be required to pour even more money into the coffers of assholes like Nutting. He still won't spend, but instead of making 10-20 million in profits, he'll see, 40-50, maybe more. Just depends on how many cheap owners band together and demand more coin.