It has been a long-standing irony that European soccer is, by-and-large, a laissez-faire meritocracy, while many U.S. sports leagues resemble a welfare state, where success is punished and failure rewarded.

Finish near the bottom in the National Football League or National Basketball Association and you get a high draft pick next year. Enjoy a stellar season and, not only do you get a low pick, but you're also likely to struggle to hang on to some of your better players, as they will want pay hikes and the salary cap (or luxury...