The championship would never agree to it. You can’t have a tiered system of pay restraint. Rugby agreed it and a lot of clubs have spent a lot of energy trying to get round it.
Football is very different from a lot of sports - there’s huge divergence between clubs in terms of earnings and wealth. If we were relegated we’d be miles over our cap - so what can you do - cancel contracts of higher earners?
Any imposed financial regulation is likely to be met with kickbacks. It's no different to FFP/P&S/SCMP. Also, clubs at every level are already finding ways to navigate past their respective rules - salary caps probably won't be any different. However, that doesn't mean further restrictions shouldn't be applied, not when the majority of member clubs in L1 and L2 have agreed that the situation is beyond precarious. The Championship were never going to agree to it no, because owners are more than happy to drive their clubs into oblivion in order to achieve the Premier League dream.
Football is only different because the governing bodies have failed to appropriately govern and regulate the wealth that the sport enjoys. Suggesting nothing needs to be done about it is ridiculous.
We wouldn't be over the cap at all. I suggest you go back and read the fine print. Clubs that are relegated will be permitted to cap all contracts at the divisional average prior to a club's relegation until that contract expires – that’s around £1,500 a week.
