In general, I much prefer the idea of a full tournament of owners all competing for the championship, rather than filling spots with random teams.
In specifics, I have competed for many years with both owners that we are waiting on and firmly believe the tournament is better off with both of them in it.
I have also never seen issues with either owner getting teams in on time, delaying drafts, or being prima donnas in any way. Life gets busy for all of us sometimes, myself included. I support the idea of waiving accumulated penalty points and starting them today and until all teams are in.