Toronto had what? 16 seasons between Ballard and the Cap.
Missed playoffs, then 5 years in the playoffs in the Gilmour/Clark era, with 2 conference finals.
Then missed playoffs for 2 seasons as they made a mini-rebuild.. Trading Gilmour for Steve Sullivan, Alyn McCauley & Jason Smith is one best damn "sell a star for youngsters"-trade ever made.
While the Leafs then never reached the cup finals, they only had ONE season until the lockout where they failed to win a playoff series.
Maybe they would still be cup-less if there was no cap for the last twenty years, but I am willing to bet that over 50% of the seasons since then, they would have won a playoff series.