This goes beyond the FA.
The FA could impose arbitrary wage caps, a universal transfer fee limit, hell, even go really crazy and have a player draft like they do in the NFL. And all of the good players will piss off to Germany, Italy and Spain, and leave us watching Joe **** Bennett walking around thinking he's Ronaldo.
Needs UEFA/FIFA to impose strict squad rules to stop the big teams by all the talent just to sit on the bench/reserves. But that'll never happen.