Football has a salary cap and a huge TV contract which subsidizes the teams.
Baseball today is all about scouting and building with smart players.
Following quotes about baseball:
"By the 1990s most players with several years' professional experience became free agents upon the expiry of their contracts and were free to negotiate a new contract their previous team or with any other team. This situation led to "bidding wars" for the best players--a situation which inherently gave an advantage in landing such players to more affluent teams in larger media markets
"Major League Baseball has instead implemented the so-called luxury tax, an arrangement by which teams whose aggregate payroll exceeds a certain figure (annually revised) must pay into a pool designed to help the less affluent teams pay higher salaries. However, critics point out that the luxury tax has had little effect on maintaining competitive balance and on overspending by affluent teams. For the 2004 season, only the New York Yankees, Boston Red Sox and Anaheim Angels paid any luxury tax; such teams had superstar players whose yearly salary was close to the entire payroll of weaker clubs. Due to opposition of a powerful MLB union and because the Yankees and Red Sox refused to side with the majority of MLB owners, the implementation of a salary cap is unlikely at the moment, although some saw the 2004-05 NHL lockout as an opportunity for MLB to reform its collective bargaining agreement.
"Unlike the NFL and NBA, MLB has no team salary floor. The only minimum limits for team payrolls are based on the minimum salaries for players of various levels of experience written into MLB's collective bargaining agreement."