I'm not sure what you mean by "standard" MFL given that the platform is completely customizable. So the commissioner would have set it up that way. I suspect you'll find there's nothing "standard" about no IR slots.
Regardless, dropping Richard was a good decision. That team has some others you could have cut. Ito Smith, Tre'Quan Smith both jump out.
I'd suggest trying to get some IR spots added so you aren't in a position of cutting valuable players just because of injury. Last season my players on IR reached double digits (55 man rosters). At least I was able to put 3 of them on IR and be able to get something of use from waivers.