My own plan would be to allow higher spending for a limited period, say 10 years, but that spending should be heavily weighted towards youth development through modern academies as we are doing ever so successfully. It works for us and while it's only a very small number of youngsters who reach the top, there will be many others who could be found suitable clubs at a lower level and they could hopefully find good careers there.
It could also help smaller clubs who would have less need to find their own talent through their own loss making facilities and hopefully the whole 92 club structure would become a perfect and sustainable model.
Now back to more pie in the sky thinking...