If an owner buys a team and then realizes that he's having a hard time turning a profit because he paid too much (which is what a lot of the recent buyers like Jordan and Gilbert are saying), I don't think the revenue sharing structure needs to be modeled to benefit them, especially not at the expense of owners who have been in the league for decades and have built their teams into profitable businesses. I do see the need for revenue sharing, but I don't think it should be so aggressive that the big money teams are penalized for being more profitable than the small money teams. Gilbert chose to buy in Cleveland; that's not Jerry Buss's fault, nor should he be required to make up for the disparity.
I'm really not that concerned about teams being ensured a profit, either. Your "managed properly" criteria, while idealistic, is vague, and while I'm pretty sure I know what you mean by that, how do you gauge whether a team has been "managed properly"? Some would say LeBron neutered the Cavs ability to add players around him; others would say the Cavs enabled LeBron and his entourage. So were they "managed properly" over the last five years? Are they entitled to a profit? Like you say, this is not your typical business. If you can't turn a profit, it's most likely because your team is losing, and has been for several years. The Kings were booming in the early 2000s, and a few bad decisions and some bad luck later, and now they're barely making minimum payroll. I don't think they should be bailed out by big money teams just because they own a business as part of a league. No business is "entitled" to a profit. If you can't turn a profit, you need to either change your strategy/management, or sell to someone who can invest more aggressively in the business. I don't think you should have your hands held out to the big money teams, solely on the basis of "this is a business, and we expect to turn a profit." That's not what you said when you bought the team. You said that you'd do whatever it takes to put a winner on the floor. That's all your fans care about, not your profit and loss statements.
And in that regard, the league would be better served to limit the big money teams' ability to spend that big money on player compensation than it would be trying to balance the scales with money. The Lakers and Knicks will always be more profitable than the Kings and Bucks. They'll always be more attractive destinations. You'll never balance that out. You can limit how much those big teams can spend on their product, which will allow the small teams to compete more effectively. And once those teams are more competitive, they'll automatically be more profitable.
I think the players definitely won the last time around. The luxury tax is a joke. The biggest concession was reducing the length of contracts by one year, and that obviously didn't make any significant difference. Teams can still make acquisitions despite being above the salary cap and tax threshold. As revenues and BRI has increased, so have all contracts, no matter whether you're a max level player (a lot of whom don't deserve to be, by the way, which is the biggest problem of all, if you ask me), a mid level player, or a rookie. Everyone is getting paid more than they were ten years ago. There are no real constraints in place, and the players have been major beneficiaries.
But the reason I can't jump firmly into the owners' camp is because they doled this ridiculous contracts out. The owners agreed to pay Rudy Gay and Joe Johnson max money. The Knicks gave Amare Stoudemire $100 million, despite the fact that they couldn't get the contract insured because of his knee surgeries. It's hard for me to feel sorry for guys who complain about people making too much money when they are the ones who voluntarily agreed to pay them that much money in the first place, despite the BRI telling everyone involved that there simply wasn't enough to go around.
I don't like it either, and the argument can be made that for $100 million, you should be willing to play wherever they ask you to play. The problem is that, without broad antitrust exemptions from Congress (which the NBA doesn't have), there's a very real argument against the legality of restricting a player's right to leave once his contract is up. Despite the 8th Circuit ruling that the NLFPA's decertification might not be valid due to the short period of time between the expiration of the CBA and the vote to decertify, Judge Doty and Judge Nelson both appeared sympathetic to the claims of antitrust violation with regard to the NFL's franchise tag and restricted free agency. In short, it's a worker's legal right to choose where he wants to work once his contract is up. You don't sign that right away just because you make a lot of money playing sports. So, as a fan of a small market team, I totally agree and hate the idea that we can hit a homerun in the draft and then have our legs cut out from under us a few years later. But from a legal standpoint, I don't think there's any argument that a player shouldn't be able to leave once they play out their contract.
Only reason I bring up contraction is because it makes sense for the league, outside of having to pay off the owners in question. But I think it makes more sense than having the big market teams being competitive and having to subsidize the smaller teams who still can't compete financially. Either that, or move them into big markets, if they truly can't survive. But it doesn't make sense to me to put a $400 million business on welfare. If you're truly going to make the argument that it's a business and they are "entitled" to a profit, then they need to be proactively doing whatever it takes to turn a profit. I'm not a Sacramento native, but I don't want them to leave; I think that's where they belong, and I think the local fans deserve to have their team. BUT, if you're truly going to operate as a bottom-line business, then before you stick your hand out for help from other franchises, you have to make changes. If that includes moving to a region where you can make more money, then that's the cost of doing business. But I don't think you can have it both ways. Either it's a business that exists to make a profit, or it's a sports franchise that exists to entertain fans. They're not mutually exclusive, but for small market teams, the two ideologies breed conflict, especially when your team isn't good for several years in a row.