A bigger problem with the cap is that it has nothing to do with controlling clubs profit and loss, just how much they can spend on players.
I'm a fan of the cap in terms of it evening out the competition, but we have had it for what 10 years. You would have thought by now that most of the clubs would have caught up to it, but that is not the case. There is a good discussion on the VT about changing the structure of the league, however in the end it comes down to money.
Everyone including us wants more money, clubs want to cut other clubs to try and get a bigger slice of the pie that is already there. But in that world the only way clubs get more money is by reducing numbers. That means playing the same teams more often and more fans drifting away as they get more and more bored with playing the same teams over and over and over, so then clubs take the easy option again to cut even more clubs.
It's a vicious circle when it starts, but it's not one that I'd like to see us go down, less clubs, less areas developing players, smaller pool of players = fewer talented players making the grade, makes for less interesting game. It's all bad.
We need to expand not contract, but when money is tight people love a simple solution to a complex problem.