What do you recommend would be the best system for a blinds cap to prevent a luckfest when you get down towards the end of a tourney. (yes, yes, I know all tourneys are luckfests anyways, but we want less variance)

As an example, the WSOP main event capped last year at 1m ante 3/6m blinds with 136 million in play. So they capped at about 7.5% of total chips being blinds/antes in play.

We're not too worried about play going too long, the game still ends by 1am usually.

Somewhere between 3-10% BB size, of total chips- if antes are involved, can be towards the lower range.

This level is when you want the tourney to definately end. The more you want to be sure, the higher % the BB should be.

Ors typically end at between 2% and 3% of the chips in play.

That being said, we have solid and very aggressive players that understand tournament strategy. Games with nittier players or combination of nits and calling-stations will require a higher percentage. Nitty players have tendency to withdraw into a shell and not play any hands to move up the payout ladder by letting themselves be blinded off. When a calling station is hitting cards and has the table covered, you can't get out of line to steal because they are in every pot, so you have to have a hand. Games with these types of players can often be played with average stacks of 10 to 15 BB's. Although I will say these games are also often chopped.

The other answers are on target. I actually like to cap the blinds at about 2% of chips in play to ensure that even the final two get to play poker, not just flip to see who wins.

the current blinds cap helps me out so I say keep it in

dont cap them and know they will keep being raised. steal those pots!