I agree that football-generated income must be part of it. The devil will be in the detail there, but if this is to be a once-in-a-generation root-and-branch reform they’d better get it right first time and, preferably, apply proportional restrictions across the pyramid.
A cap that is too low will help clubs coming up - although have they really ever not been able to compete with League Two? - but will be devastating for clubs promoted to the Championship. It’s hard enough as it is, but we will then have a Premier League/Championship-type divide where the promoted clubs are immediately odds-on for relegation before a ball has been kicked.
Much as I like to see the likes of Portsmouth and Sunderland who have frittered away parachute payments still struggling to get out of League One, it is hardly fair on their fan base that they should be capped like Morecambe or Stevenage if they have genuine fan-generated income.