From 1995 through 2001 when the Yankees dominated the sport and before the CBA was modified to implement a greater degree of revenue sharing, the American League and National League teams that made the World Series averaged 3rd and 6th in overall MLB payroll , respectively.
We should expect new CBA agreements will be reached well before regular season schedules are cancelled or modified, as neither side wants to lose revenues, wages, or a public relations war from missed games.