I could be wrong, but I don't believe we have enough solid information about club finances - of the truth about club finances - to evaluate whether these salaries are inappropriate.
Inappropriate, that is, from a strict bottom-line, organizational revenues vs. costs perspective. From a social perspective, they're obscene – but of course, that applies essentially all top-end entertainment earnings, to top-end corporate salaries, etc. But I see no reason whey MLB's salaries should not be reflective of the realities of our society; $40 million/year for a top baseball player, $40 million for a top actor to star in a movie, $40 million for a corporate CEO... what is the difference, really?