Unless the salary cap is removed, arguments of "whatever money the players can get is fair" go out the window. If it was a free market, players could command whatever money owners thought they were worth and bad owners would lose money. The owners use the salary cap to protect themselves from their own stupidity. I see no reason for them to complain about the fairness when they are the source of the problem.

Therefore my answer to the question is: whatever profit the owners are able to make is fair and if they lose money they likely should be blaming themselves first.