I was thinking of precisely that, DBG; the point of this spell is to knock one competitor down that's going to go down anyway. I'm thinking the cost to do this has to be such that you've already won the game, it's now a matter of mopping up, and it's a fast, easy way to mop up.
Alternatively, limits could be placed on it so that the deal could be no more than 1000 points difference, or the spell fails. You could force 1000 gold, or diplomacy points, or research points, or maybe a city worth 1000, but not more, but at the cost that you've now made a mortal enemy of that faction. Maybe of every other faction, too. Nobody likes anyone who uses mind magic.