In the end it's a matter of time though before things get out of control and football destroys itself. There are limits how far you can go with salaries and transfer fees, the current trend is simply crazy and it doesn't seem to stop anytime soon... Sooner or later the salaries are that high that even the biggest TV and sponsorship and marketing deals cannot cover it anymore, but by the time we realise that it'll be too late. Salary caps like in the US should be introduced better today than tomorrow (it would not only make football more competitive when rich clubs cannot just offer the most insane salaries to top players, but it'll save football from self-destruction on long-term basis)
I think the ones that will suffer most long term are the smaller clubs that will have problems competing for market share and that may make unwise financial decisions in an effort to get ahead, although we have seen that not even some of the larger clubs are immune. At the same time, any professional team is a business and is not owed an existence by anyone.
On the other hand, there is no easy way to curb the amount of money involved in football. Yes, American leagues typically have a salary cap, but it is difficult to implement such system in football. For one, these are closed leagues with the clubs being league franchises and the salary caps are calculated based on a percentage of league revenue.
How is this going to work in football? You would need to have separate salary caps for the top tiers in each country. After all, smaller clubs in lower divisions are not above spending beyond their means. You would need to have separate salary caps for each individual countries. Again, clubs spending beyond their means is not exclusive to England or Europe.
Who sets these salary caps and enforces them? Who determines what is a far cap in relation to other divisions and leagues?
Then there is the issue of transfer money. Players in American leagues are typically not purchased and sold but are traded for other players and draft picks. However, in football, players are purchased and sold for money, and you would need separate transfer caps for this, because transfer spending and wage spending are two different things.