Just read over on deadline.com ( Dodgers near $6B-$7B TV Deal ) about the upcoming agreement. 25-year deal with Fox starting in 2014. No breakdown of year-by-year value and I'm not sure how television revenue is taxed, but it would appear that the Dodgers will easily be able to cover their payroll using only TV money. With the recent limitations on amateur spending, it would seem the Dodgers only place to spend the extra money is on the major league team and not really care about the luxury tax.
I would expect the players to push hard for the luxury tax threshold to be raised in the next collective bargaining agreement considering the dramatically increased revenue being generated by the sport. I would think the Cardinals should extend Wainwright ASAP and possibly even consider some six-plus year deals with any of their young pitchers who would be receptive. That system has worked well for the Rays.
I know the Cardinals TV deal won't bring anywhere near what the Dodgers did, but it's possible the percentage increase could be similar. Dodgers go from $40M/year to $280M/year, with a 700% increase. Lock 'em up now while you can.
Crazy the NHL is losing an entire season fighting over around $100M leaguewide when sports TV revenue is absolutely exploding.