The NFL has a salary cap and they share TV revenues equally. That's how. Major League Baseball will never do either because it would mean the end of the dominance of the NY Yankees. And baseball will die on the vine before they will let that happen.
Revenue sharing would not work over the length of the MLB season. The way to fix baseball is to get rid of the small market teams who are not even pretending to be competitve, and force megatropolises like NY to accept additional franchises. Off the top of my head, the A's could easily be moved to Staten Island, and the Pirates to Brooklyn. Right now, the Yankees could easily support a $250mm payroll if they didn't have a token concern for appearances.
It’s not so much that as the baseball players union not allowing it. They would literally start their own league if the owners tried to put it through.