There is no salary cap. There is a luxury tax threshold. If a team exceeds it, they pay a penalty that is redistuributed to the smaller market teams. So they can go over but it can get expensive.
And the Mets are way over right now.
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Oh that's an interesting model. Quite different than what the other leagues have in place. MLB is really unique in a lot of ways
The MLB players union is the most powerful in US sports. So they fought a salary cap and never let one instilled.