The reason baseball doesn't have revenue sharing is because the big market owners (George being the big one) won't allow it. Why would he want to aloow it? He would then be forced to make sound personel moves instead of just throwing cash at every big name free agent out there.
The Yankees of 1996 I could respect, the Yankees, Red Sox, Angels, Mets, etc of 2005 I can't. I agree that championships aren't bought, but it sure gives you a better chance with a 200 million dollar payroll.