The failure of certain markets doesn't mean that the league itself is in trouble or that there aren't untapped markets that the NHL could succeed in. Quebec City, Seattle, and Portland all stand out as obvious choices, as would the GTA and Hamilton if the Leafs and Sabres not be opposed. Houston as well, if not for Les Alexander having to be involved for it to be possible, and he's not interested any more.
As long as there's at least one interested open market, the NHL owning contract. We'll see a team in Saskatoon if push comes to shove before contraction, so just erase the notion from your head.
Also, moving this conversation to the NHL topic for topicality reasons.