At the very least, if there's no cap, the commissioner can announce a salary cap and enforce it by blocking moves that would put a player's team over the cap. While a bit of extra legwork on the users' end, this is an acceptable workaround until the cap is implemented, IMO.
Trade workarounds can be done in a similar manner to how fantasy football works; announce the trade to the entire league, and allow it to be voted down by other members. Again, not convenient, but an acceptable workaround.
Despite the extra work that it's going to take for it to work, I'm still very much looking forward to online franchise.

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