Miguel Cabrera signed a huge 30 million per year extension with the Detroit Tigers. The same Detroit Tigers offered Max Scherzer 144M over 6 years. The Dodgers have a 200+ million dollar payroll and signed their ace Clayton Kershaw to the richest deal for pitchers. The Yankees shelled out an amazing amount of money for Carlos Beltran, Brian McCann, Masahiro Tanaka and Jacoby Ellsbury to bounce back after they missed the playoffs for only the second time since 1996. In no other sport can there be such reckless spending on players. In the NBA and NFL teams have to keep an eye on the salary cap because that's the most they can spend in baseball teams laugh at that notion.
It isn't because the owners wouldn't want a salary cap, but it's because the MLB player's union is the strongest union and would never allow for a salary cap to be imposed. And to an extent if the players aren't getting paid then the owners are pocketing all that money and the players would tend to suffer. There will never be a lawsuit against MLB as there was against NFL because players are compensated like no other players in any other sport. I wouldn't want to see a salary cap in MLB even if it means salaries will rise though the roof because it's too late to open Pandora's box.