Well there are other teams that are 'buying a championship" in both those situations. Yankees haven't had the highest payroll for the last few years.
Before the cap, we were often outspent: A random year chosen for an example 02-03: by the Blues, Stars, Rangers
https://en.wikipedia.org/wiki/List_of_team_payrolls_in_the_NHL#New_Jersey_Devils
Without a cap, the winners are pretty much limited to the few big spenders. The top few have a relatively even playing field and then other factors come into play.