OK, just did a little reading on the EPL in Wikipedia, and now have a question: why don't they have a salary cap? Seems like payroll parity would help make the EPL more interesting.
The EPL is in competition for the best players in the world - it is not a virtual monopoly like the NFL, MLB, NHL and the NBA. If EPL salaries were constrained - players can go to Germany, Italy, France, Spain for big money. MLB doesn't have a hard cap because its players union is way more effective than the other leagues. Salary caps tend to make teams more competitive within their league which makes it more interesting for small market teams, but the teams are a little more bland, none stand out the way that the big money clubs in the EPL and La Liga do. I like seeing what happens when a bunch of truly great players are on one team even if it means the smaller clubs have no real hope of a championship. If you are thinking about an EPL team, the amount of money that they are willing to lay out for players should enter into your thinking.