I was in a dynasty league for several
years. It was an auction league, with a cap and the ability to sign players to long-term deals.
To your point, it is only fun if the owners are all very engaged. It helped that we all knew each other, and so there was a lot of trade talk over phone and email.
I enjoyed it, but I became too busy and decided that I couldn’t commit the time.
Are you playing on a specific site?