I think contraction has as much chance of becoming reality as the salary cap did during 1994 negotiations. In many regards it makes sense, but getting the concept enacted will be difficult. Selig bristled a year ago at the suggestions. Today, it is an option. Anybody who doesn't think it's a very serious option is misreading the situation.
Times are different.
That's the whole point. Either we're serious about it or we're not. We're very serious about it. Besides facing a flurry of lawsuits, Major League Baseball would have to get the powerful players union to approve eliminating teams. Oh, the union might not have the legal right to reject chopping off two franchises, but it would have the final say about what owners would do with the players on those teams.