Perhaps you've already seen this, but Texas' Mack Brown is now reportedly a $5 million dollar man, approaching Bob Stoops compensation.
I've argued before that a salary cap will not drive competition to be more balanced. Leaving aside the fact how important truly balanced competition is in the grand scheme of a sport, what really matters when it comes to determining competitive balance is fan interest. Fan interest (i.e. demand) is the primary determinant of the ability for teams to generate revenue and, thus, to obtain resources. Expenditures on coaches, players, facilities, etc. are little more than symptoms of that fan demand.
Demand, in turn, is a function of the usual suspects like the number of consumers, average income, availability of substitutes, etc. When there is an imbalance in the overall level of fan interest, this leads to an imbalance in revenues which, in turn, leads to competitive imbalance. Expenditure imbalance and competitive imbalance will be correlated, but they are both functions of an underlying cause: an imbalance in fan interest.