I havn't read the entirety of this thread so I apologise if it has been mentioned before.
I also brace myself for a hammering.
A suggested solution could be a salary cap of some sort.
I have no idea what you could set the salary cap at ... but just bear with me.
It could be staggered in this manner ...
Players raised in the "local area" do not count to the salary cap (so if we bring back Dunny his wages dont count). I accept that the definition of "local area" could have teething problems as to how far the local area extends. To hell with it. Lets say Lancashire/Yaaarkshire/etc. So any player raised in Lancashire doesn't count (irrespective of whether that player went through an academy of another Club).
Players who have played at a Club for more than say five years dont count. So if we bring back Barry Ferguson ... he plays here for six years, his wages count to the salary cap for the first five years (but dont count any year after that). Also, Brad's salary wont count given that he has been here for five years.
The combined wages of all other players at the Club must be less than X million pounds.
All contracts entered into from today's date must contain "salary cap" clauses. Therefore, if the club drops a league, the players wages are automatically docked to cater for the salary cap in the lower league.
The distribution of TV rights remains the same. That way the Club's get richer and sort out debt problems and the games will become closer as the impact of the salary cap winds in (it will take a few years).
Once everyone is on salary cap contracts and the debt is sorted, ticket prices can come down and the salary caps can be reviewed.