Just following the normal rules for English grammar, it is clear that the cap only applies to the damage from distance, not the total damage. The text in parenthesis is part of the second sentence, not the first. Now... of course this is much more abuseable, but that's a totally different argument. This falling damage is the entire basis of the infamous Hulking Hurler build, and this discussion about interpretation of the falling damage rules was hashed out way back then.
There does need to be some kind of attack roll or reflex save, I agree. I'm not sure which is more appropriate given the rules, though. Maybe a Reflex save with a DC equal to what a spell of equal level as that used to summon the creature would have.