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There is only 1 team in baseball that consistently does well without money and that's the Twins, and even they bumped their salary into the top 10 this season. And how many pennants do they have to show for it?
And yeah general management is the key to building a good team. That's why they should make anyone who wants to be competitive have to play on an even field. There's no cunning GM strategy to throwing a crazy amount of money at the best free agents.
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