The real problem in football is that the player wages have become absurd. The salary cap will solve this frenzy. Right now, a huge chunk of money goes into the players' and agents' pockets. Limit that, and you will see a better distribution of talent, and more money will be available for transfers.
Limit the money that players earn. The contracts of the stars today are a huge financial burden on the clubs. The problem isn't on revenue, it's on expenditure. Clubs are spending too much money on transfers and players because the financial demands of all parties: players, clubs, agents have all spiraled out of control.