I agree but will go further on that. I know it will never happen but changing the entire transfer system will make the league more competitive.

Some leagues for other sports around the world use an auction system where, once in a few years, all players and upcoming talents who wish to play in the league are up for auction (except for a defined number of key ones the teams can retain) where all teams are given a set budget. At the auction, each team can buy players and are given an option to “match” offers from other teams for the ones who played for them in the previous seasons. Money from the budget that each team has left after the auction can go to “unsold” players who participated or other players the teams scouted at later stages in the league. What this does is, it evens out the financial field to a degree. The auction budgets can be proportional to the size of the league so that players can still be worth their high transfer fees.