Library backup strategy advice

I'm brand new to this forum so I hope I'm not missing something, but I've been looking for advise for FCPx backup strategies and I still have questions after searching this site and forums. My issue is that I have all of my media embedded into my Libraries and I suspect that TimeMachine is trying to backup the whole Library when I make minor changes even though it supposedly can deal with incremental upgrades within libraries. It seems like TimeMachine is constantly backing up and I'm always running out of space, yet I have about 3x the space on the TM drive as I do actual data.

I have a couple of ideas but my primary concern is whether I should keep the media files in the libraries or find a way to extract them from the libraries and maintain them in Finder folders?

Thanks!