Should pro sports have a relegation system?

[chiefzilla1501]

I had a really interesting conversation with a dude who loves international soccer.

The English Premiere league has what they call a relegation system. The worst three teams every year basically get demoted to a minor league type system. I would love to see baseball use this system. It would be a much more effective system than installing a salary cap, in my opinion. Too many owners are cheapskates because they have no motivation to win. In many cases, you see teams tanking at the end of the year because there's a huge incentive for being the worst team in the league. My buddy said this system forces owners to spend, to care about winning, and to be held accountable for poor results because now they get dinged when their team is terrible.

I know this would never happen because it would be such a culture shock and owners would never agree to it. But what do people think of this idea in American sports?