Your PayPal subscription is separate from your Sim Dynasty team subscription; cancelling one will not cancel the other. If you cancel PayPal without leaving your league, you will continue to have access until your team expires, although you can purchase additional months using site credit or individual PayPal payments.
On the other hand, if you leave your team without cancelling your PayPal subscription, PayPal will continue to send payments for you. These will go into your Sim Dynasty account.