If a salary cap isnt going to happen and the luxury tax is what we are left with, then I think they need to adjust how deferred contracts count towards the luxury tax. Feel like paying $68m of actual dollars to ohtani 10 years from now and just pay him $2m now per season? Fine, go ahead - but the luxury tax value for the years he plays under that contract need to be dollar for dollar (i.e., luxury tax amount is $70m, not the $38ish Million it currently is calculated to be. Force the Dodgers to have to pay the full luxury tax penalties real-time for the caliber of the roster they have on the field competing against everyone else.
Oh, and also - if a team exceeds the luxury tax two consecutive seasons over any part of the previous 5 years, they arent able to bid on international pro players fees coming over from Japan/korea/elsewhere via the posting fee process.
Also, TV money has to be shared across MLB - teams should not get built in revenue advantages via broadcast dollars simply by playing in a large city compared to a small one.