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The EPL would enforce it for the EPL. La Liga would enforce it for La Liga, etc.
The unusual stratification of soccer leagues lends itself some difficulty in obtaining consistency, but that is not a good enough reason not to try. Especially for EPL, which really is professional (non-international) soccer for most of the world. People in Vietnam or Namibia know about and often pick a side in the Liverpool–ManU feud. Far fewer could tell you about Bundesliga teams.
Relegation also causes difficulty, but again, shouldn't be insurmountable. A sort of "grandfather" clause to allow players in teams that get relegated to not have to immediately take a big pay cut (assuming lower leagues would have a lower salary cap), similar to how BBL allows international players exemptions and A-league already allows each team one player who can simply ignore the salary cap entirely.
I'm not pretending it's simple. Just that the problems a salary cap is designed to fix are huge problems with the integrity of the sport, and the difficulty of implementing it is far outweighed by the benefit that would be obtained.
Currently salary caps are based on percentage of revenue and the way to enforce em varies.
I think its as good as it gets. An objective cap is just a way of making sure players leave your league for another.