As it's been mentioned, some of the biggest problem's with baseball's economics have nothing to do with free agency.
Similar to Sylvan's comments about the draft, signing foreign players is another huge advantage the Yankees and Red Sox have. Teams like the Blue Jays simply can't afford to pay unknowns like elite players so the entire market for foreign stars is limited to the huge spenders.
One event that cries for a salary cap in my mind is the Bobby Abreu trade at the deadline 2 years ago. I'm talking about how the Yankees got Corey Lidle (probably the best pitcher readily available) as a throw-in for taking on Abreu's salary. At the time it was rumored that the Jays would have to give up Rios to get Lidle. But because the Yankees can take on Abreu's ridiculous salary they can get the best pitcher available for nothing (and Abreu's bat).
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