The alternative is a cap on spending (transfers and wage cap) that isn't related to revenue/profits (everyone starts with a pre-agreed amount at the start of a season). None of those clubs who bring in the most revenue through their larger fanbase will ever agree to that - they want things to go back to when they could outspend everyone else, not a situation where anyone can come in and compete.
If the league is worried about clubs being left in huge amounts of debt from rich owners then they could bring in laws that any spending beyond an agreed amount must be put directly on their owners and not against the club itself, make it such that providing loans to the club that must be paid back cannot happen outside of infrastructure and money must be put into an independent pot in advance (covering multiple years) to cover the overspend in wages for players contracts so they can't just walk away and leave a club without any way of paying those players on big money contracts.
There's plenty of options, but the league don't want to implement anything that would go against the wishes of the richest clubs.