Current sports salaries are reaching astronomical figures. Players are signing 50 million-dollar contracts and up just because they happen to be pretty good at hitting a baseball. Now pro sports are fun to watch and follow, but college games entertain just as well and they aren't receiving a legal penny. Player's don't need to be paid extravagant amounts of money. Professional sports teams should have a salary cap for each individual athlete.
The economics involved in sports today hurts the fans, some teams, and the leagues themselves. The sports leagues can actually be hurt by there own actions. The current NBA lockout is a prime example of money ruining what looked to be a fine year. The owners are locking out the players until they can settle on a bunch of points. The baseball strike a few years back obviously hurt baseball, and this lockout might hurt basketball also. John Donovan from CNN/SI summed it up perfectly, "You have greedy owners and you have greedy players, all of them fighting over absurd amounts of money.
And, in the end, it's the fans who get screwed."
One dispute between the two sides is the "Larry Bird Exception". This rule basically allows teams to ignore the salary cap and re-sign a veteran at any price. Michael Jordan alone makes 6 million more than the team salary cap. The owners want this modified because some teams are just too good. The players don't want to budge on this issue. Their side on this is that there is no middle class because of the salary cap.
This is a very good point. Salary caps are important to keep teams close, but that leaves great players making millions while the good players make too little. The owners are trying to get the most money out...