In my experience, it really depends on the people you have in the league. If you don't have a cap, then owners have to be much more careful about keeping their payroll down to a level that they can afford. I think with a group of smart owners that you could go either way and be fine. Having no cap also leads to teams overspending in one year to "buy" a championship - especially if they have some cash reserves to cover the loss. On the other hand, having a cap requires a little more work on your part as you'll have to pay more attention to team payrolls to keep them under the cap. It's something that you may have to adjust every so often as well.
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