There probably are decent, and possibly even cheaper, substitutes for the eye. However, the rib eye is not as good as the cap, aka deckle, imo. There just isn't a substitute be it hanger steak, tri-tip, flank, or what have you. It is simply the best piece of beef and when it is prime it is a prime cut of the best piece of beef. There is no substitute.
I most definitely agree there's no substitute when it comes to texture.
But when your on a budget and have no choice a chuck eye steak will do. You won't have same texture but it will have all the flavor (imho).
