Why not just eliminate the cap all together? You don't see GOOG or AMZN or AAPL etc with a cap. Does basketball or baseball have caps...I have no idea if they do or not.
How many GOOG's, AMZN's or AAPL's do you see right now? Only a handful.
So how many markets do you want to eliminate from the NFL? 50%.... 75%?
With no cap, the teams with the most money could continually acquire the best players and dramatically improve their odds of winning. As they continue to outbid other teams for players, what happens to the salary demands from the best players on the smaller market teams?
How would the smaller market and/or less wealthy franchises compete for talent..... and how long will most fans keep plunking down ever-increasing amounts of money to watch a team they believe has no chance of winning a championship?
With no cap, I think you'd see a rapid increase in the players' salaries until either:
1) The owners forced themselves to create some type of league-wide salary structure which would cause a lockout or a strike or
2) Teams started folding. I think if scenario 1 didn't happen, you'd start to see smaller franchises put up for sale first as the current owners discovered their existing business models were unsustainable and the league attempted to infuse those teams with cash. In the long run, those markets would not be able to sustain the revenue needed to compete with the larger market teams. When you couple higher and higher operating expenses and lower revenue streams, businesses start to fail.