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Market size will have the most direct effect on media revenue but I think it also affects attendance and perhaps merchandising. Depending on your average media revenue setting (in League Setup), that alone could give a huge advantage to large market teams.
You could neutralize this in two ways. Set Media Contract Fixed? to Yes, Same Contract For Every Team is one. The other is to edit market sizes to all be the same in each team's Options & Ballpark page (you have to be the commissioner to do that, however).
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