How is MLB ok with this year after year?

In case you missed it, and you probably did, the Pirates made their big off-season FA splash to support Paul Skenes while he's still in town by signing....wait... that can't be right....Tommy Pham.

How can MLB be ok with one of their most marketable young superstars being completely out of the playoff hunt by mid July until 2029? This team could have signed 2 $20M/yr players and still be in the bottom 8 in payroll. This is absolutely infuriating. This team literally hasn't signed a FA to a multiple year contract since Ivan Nova 10 years ago! MLB needs a cap and floor system. Owning a MLB team shouldn't be allowed to go like this. There should be some kind of safeguards that require ownership to actually try to put winning teams on the field by spending money at a base requirement level.