Is it because small market refers to the size of where they’re located? And the revenue wouldn’t justify, as a businessman, to pay out these large deals?
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Not all owners are billionaires, and some long term owners bought when economics were vastly different. Heck, the current owners of the Chicago Bears paid $250 for the team! And the family’s wealth is almost entirely tied up in the value of the franchise. But NFL teams have salary caps and much of the teams’ revenue comes from an even share of league revenue so NFL doesn’t have much of a small/large market issue.
But baseball has huge variances in income based on local broadcast deals, whether team owns stake in local sports channel carrying games, and such and it’s exacerbated by lack of MLB salary cap. You may have recent team buyers who could afford multi-billion purchases in the past few year while others paid only tens of millions a couple decades ago and just don’t have the deep wealth displayed by current team values and player salaries.
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