Firstly, I wouldn’t call £38k plus per month ‘peanuts’.

Personally I find the amount top footballers earn now quite obscene.
Having said that, it doesn’t seem unreasonable that there should be some sort of link between fan generated income and expenditure so well supported clubs are likely to be able to afford more.
If the never ending circle of the title, and virtually everything else, being shared between the half dozen or so wealthiest club is ever to be broken, then I’d favour some sort of salary cap.
This would also prevent the concept of very decent players being bought up by the wealthiest just to prevent them signing for their slightly less wealthy rivals.