There's different ways to go about revenue sharing. Most leagues that do it are not 100% equal, usually local revenue (ticket sales, stadium advertising sales, etc.) stays with the club.
Like with TV, you lump kit deals together and spend that money more equitably. Can do the same with shirt sponsorships, and other marketing promotional deals.
With revenue normalized, you enact spending max/mins. Some owners will be richer than others because they'll be making more money (like Spurs with the stadium), but they won't be able to utilized that revenue to buy a competitive advantage.
But unlikely to be able to develop these days, big clubs wouldn't go for it. Doubt there's anything, really, that can stop the commercial trajectory the game is on.