I used to always cut out of fear that if I didn't I would lose more bucks to fighting. The ironic thing is though I lost bucks due to fighting WITH antlers sawed off. I also EVERY year had damaged heads that resulted in infections and messed up antler growth the following years.
Last year we left all the antlers on and I plan to do so every year moving forward. I have little doubt that yes I will lose bucks due to fighting when I don't saw antlers. (Note: I did lose one last year as well. However it happened so early that I most likely would not have sawed prior to his death even if I intended to saw them all. Just sucks it was the biggest yearling in the bunch.)
Sawing leaves you with:
Infections.
Some percentage of messed up antlers due to head injury. Often times leading to a buck with NO value. (Now add costs to raise said buck to this point)
Costs incurred in darts, drugs, labor/time.
Hard antlers that have less value due to being cut.
Potential late season higher prices on bucks you would have rather sold that year anyway.
Loss of enjoyment looking at bucks with antlers.
Still some risk of deer death due to fighting.
Not sawing:
A possible higher risk of deer death due to fighting.
Not able to replicate and or mount the antlers in time for booth displays at auctions/org meetings during show season.
A possible higher risk to care takers of deer.
Harder and more risky to run through a chute system.
I feel that in the long run the wins and losses will even out. Besides, if you leave the antlers on and a deer is killed you have a handle to drag his dead body out with easier. LOL!