Apparently they once did though

It does get it right but it’s missing one or two big ingredients, relegation and promotion.

The aim is for parity but in reality there’s still a difference between the rich and the poor because of local TV deals and free agency. The big market teams can afford to go after and pay big contracts for the best players. They employ the best scouts. Is it perfect correlation? No, but it is easier for a big team to rebuild quicker than a small market team. The New York Yankees had a bad season this year. But they can go and sign a couple of big band free agents this winter to supplement their squad. Cleveland on the other hand isn’t an attractive destination for a star player, they’re mostly always selling and drafting and picking up the lower end of the talent in free agency.

But that big thing is no relegation.

From what I recall, Didier Drogba had a slow start in his first season and went in to become a Bridge Legend.