Could some of the top clubs get caught out of a wealthy club is relegated and replaced be a poor one - the cap could plummet?
In theory the top clubs can spend less if Luton are 20th than if Leicester are.
But remember there's a 6x multiplier and the minimum TV payments are about £100m now, so even if the 20th placed team had zero other revenue, the PL leaders would still be able to spend more than any other club in Europe.