Woe be to those that spend all of their money and have nothing left when their superstar gets injured. Because auctioning of players allows everyone the same chance to acquire any player, these drafts can take a little longer than a regular draft. But they also involve more interplay between the owners. A slight drawback to participating in Auction leagues is that because there are so few of them, there is very little written on the strategies of player acquisition. Still, this is a small price to pay to get an opportunity to acquire any player you want.
Some leagues implement salary caps.
You often see it in auction leagues, but they are not the only ones. I was honored to be invited into a local league, based in Quantico, Virginia, last season. The league members had to vote to change certain rules to allow me in. They had never had a non-local owner, and their previous rules did not allow participation in any other leagues. This league, Madden's Fantasy Football League has a Salary Cap, and assigns a dollar contact value to every player.