Both sides are asinine in this.
Players. Fek 'em. If they as a union want the minimum salary to be $300,000, then have the top paid players donate some of their salary to bump up the players at current minimum. Pay-Rod himself can probably support 100 of them.

Owners. go out and spend $400 mil on a stadium and complain about being financially in debt. Well, duh!
MLB is the only major sport in the US that does not have a salary cap. In fact, the luxury tax that exists now is hardly anything, and the only thing stopping the Yankees from spending more is Steinbrenner's pocket. The Yanks have a payroll that's about 2/3 more than the NFL salary cap for a team. This is coming from a 25 man roster while NFL teams have a 54 man roster (of course, you can skirt the salary cap with signing bonuses and incentive clauses, but that can land you in salary cap hell. See Dallas and the Niners for examples, tho the Niners are starting to come out of it now.) Half as many players, nearly 70% larger payroll.
There's really two people to blame in all of this. Scott Boras and Donald Fehr. Boras and his "market value" for star players is directly responsible for the ballooning player salaries. Fehr is just about greed. He doesn't care about the game at all. None of the vocal players do either. There might be some players that do care about the game and would play even with a firm salary cap in place.
Baseball needs several things. First, a bullet through the head of Boras and Fehr. Preferably line them up and just use one shot, they aren't worth expending a round a piece on. Second, revenue sharing based off of actual revenue, not off of perceived market size. Third, a hard team salary cap (phased in so as not to void most current contracts.) Fourth, a league set "market value" cap on individual players based on years in the league and performance (the NBA has something similar.) This one would take place immediately. Pay-Rod's contract is immediately voided by the league. $25,000,000/yr. Ted Williams in his prime mixed with the power of Barry Bonds, mixed with the fielding of Willie Mays, mixed with Lou Brock's baserunning isn't worth that much!
I've always loved baseball, and it's always been my favorite sport. Not anymore. I'll watch a MLS game over a MLB game anyday now. Something about making more than some of the guys out on the pitch sits better with me than guys making 100 times more than me squeaking about "slowing down the increase of player salaries."