We use the NFL as the comparison because it's the same sport but what this is most like, to me, is early days MLB.
There were no restrictions on spending/talent acquisition. It was the wild west.
Ironically enough, it was the owners who got together and said, "look, we are wasting money by competing like this. Let's agree to some rules..."
then players eventually unionized and could bargain a contract
then you had a workable professional sports model (with no salary cap, granted)
Some one with a vested financial interest has to "own" the teams and employ the players. Then you can have order from chaos.