I'd say local TV revenue sharing is just as important, if not moreso than any cap.
The Dodgers are able to spend more not only because they've got a massive TV deal due to their market size, but because they are also EXEMPT from having to pay out the standard share of that pie on account of a bankruptcy settlement under their previous owner.
That needs to be dealt with first and foremost because how the heck is a market like Milwaukee supposed to compete with that? To Manfred's credit, his idea of combining MLB TV rights like the NFL is a logical solution toward reducing those disparities.