However, have the players decide who gets what. No more individual contracts.
Players know who is worth the money. Players know who is dogging it.
If players want management to acquire more talent the players themselves would need to decide who might have his salary lowered to pay the new guy. Or the new guy would need to take less to play with better players than those on his previous team.
Both players and owners would need to think like the other. Both would feel the pain and watch the bottom line.