I agree with not having a salary cap (100M cash max)
In OOTPBM, there will be compensation for lost FA's

My Nationals wouldn't be able to afford big name talent VIA free agency, but I wouldn't want huge markets like New York/Chicago/Los Angeles spending the same amount of money as small market teams. I don't think it's fair for the big market teams. If a big market team wants to spend $25M on one player, then let him. If someone is willing to take that risk, then he'll suffer the consequences of not being able to spend that money elsewhere.