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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Small market does refer to their location. Not sure which sport you are talking about, I assume baseball? New York has huge market revenue because they have a hug market to work with and can make massive advertising and television deals. A team like Milwaukee cannot compete with that. Even if the owners are billionaires (which not all are individual billionaires) many of them are looking at the franchise as a business. They want to make money. So they do not want to pay out more than they can make in any given year.
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