I wrote a long comment along these lines yesterday and deleted it, but I think I agree with you.
'Profit and sustainability' isn't leading to fair play and competitive balance. I get that it was designed to stop clubs spending more than they can afford. But in reality it just protects the cartel of the biggest clubs with the biggest incomes, because they have bigger stadiums and more fans worldwide, therefore bigger incomes - and all of the current FFP rules are based around a club's income. It's not really 'fair play' if they can spend more than smaller clubs just because their stadium holds 20,000 more people and they have huge commercial deals - and small clubs are locked out of it, even with a super rich ambitious owner.
It's a complicated topic. But I'm more and more inclined to think, give everyone 150m every summer, a wage bill of up to 200m a season or whatever, and let them spend it how they want. Then let's see who's good.
Any profit, the Glazers can keep.
It does sound a bit like socialism and a move to the American salary cap model, but it would completely level the playing field and mean any well run, well managed club would be able to compete. Wages would plateau, clubs would have to be so much smarter with the contracts they hand out.
Totally get the point that a big problem is that this isn't enforceable worldwide, but I think if you're a player and you want to play in the best league in the world, you suck it up and survive on 100k a week. If you want to earn 350k a week playing in front of 689 fans in a desert backwater, go for it.