IMO, with little doubt in my mind, you should be ranked where your revenue is.
But that said, your level of talent impacts your salary, and vice versa. Our record was 'okay' from 2020-2024, but we were only fringe contenders. Signing phat long-term contracts was probably not in our best interests.
Of more concern, imho, is the structure.
While I like Bregman, we gave up 2 draft picks & int'l money to get him. For a l/t contract, that's acceptable. For one year, plus his options, it is too much.
IMHO, I see no problem with l/t alternating between being under the cap, and then exceeding the 2nd level. That minimizes JH's tax burden, and helps us control the CBT penalties. Where I do have a problem is when we exceed the first cap by $5M. IMO, you're either in or your out. If we go to $244.01, then we should go to $263.9.