The salary cap unquestionably suppresses players' wages, but I expect that having 32 competitive teams actually increases the league's revenue in the long run.
An uncapped league creates the situation we see in MLB, where there's not much reason to watch small market teams.
If you are say a Cincinnati Bengals fan, and you stick with your team through the leaner Dalton years, your faith may be rewarded with a couple Joe Burrow contender squads 3 or 4 seasons later. So keep watching the games, keep watching the draft, etc, cause this could all turn around quickly. If you're a Cincinnati Reds fan, your team is just going to suck year after year. You can leave and come back in 10 years, and they are still just going suck.