100% spot on. You have maybe 6-7 teams that blow past the cap and probably don't want to be restrained. You have maybe 12 teams so far away from the cap that they don't know what the number is. Out of the remaining 10-11 teams, some are getting supported by the penalties from the big guys.
In addition, one could make the argument that competitiveness is not necessarily good for the financials. When I looked at the WS ratings two years ago, we might be doing as well in Japan as we do. IMHO, it is a boogeyman on both sides. The owners would rather go bankrupt then not get a cap, but will gladly settle for 1% more of the revenue. The union bosses will take 1% less so they can go back to the players and brag about not not having a cap like the (much richer) NFL players.