Seniors vote, minor leaguers, no matter how bright their future, don't vote.
So the system will always avoid making it too tempting to cut seniors in favor of kids, but also ensuring that most of the money goes to established players - a tough balance to maintain.
One thing is certain, young players just starting out will get underpaid.
However, one reason is simply because there is no reliable pipeline other than minor league development, even colleges rarely produce ML ready players (unlike say the NFL). So teams won't invest in development if they can't underpay young players for some extent of time.
The combination of vested interests by established players and team incentives to continue developing talent will limit how much the system can be changed.