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Can a small market team really win it all?

I was thinking about CC Sabathia the other day and remembered his comments from earlier in the season when he said he would likely retire if the Yankees won the World Series this year. That would be his second ring, both with the Yankees. That means none with the Indians or the Brewers. When was the last time there was a parade in Milwaukee or Cleveland (for baseball, that is)? Even though there are some good small market teams, will they actually win over the Yankees, Red Sox, or Dodgers of the world?

Here is a list of the last seven World Series winners, along with their payroll and revenue from that year among other stats courtesy of Forbes:

Year

Team Payroll League Average Payroll Rank Revenue Wins-to-Player Cost Ratio

Portion of franchise’s value attributable to its city and market size (present day)

2011

Cardinals $119,732,312 $105,749,970 9 $207M 94 37.