I don't think you understand the concept of a team hall of fame: It's a way of honoring noteworthy players/staff who aren't getting into the HHOF or having their # retired.
EG:
en.m.wikipedia.org
Only 5 members are in the HOF.
Yes, it is a great vehicle to honor the past and provide a great dose of fan service and nostalgia (and creating stronger bonds with alumni).
I have always said, if I were owner, and could wave a magic wand, I would have only 2 numbers retired: 11 and 39 (RJ, Knoxes too). I would have a ring of honor/wall, either at the front of the 300 level or the giant blue blank wall in the back that honors the best players who should not have #s retired. A level between the Sabres HOF and jersey retirement.
Then you have your robust team hall of fame, with a catch-all of the rest, noteworthy players and staff. There should be a physical team hall of fame on the premises somewhere, accessible to fans.
It all seems to be ignored/forgotten about now. I read an article a few years back and the Sabres hall of fame committee basically ended and they stopped getting contacted the day Swados passed away in 2012 (and thats when they stopped inducting people). We have only had the 2 jersey retirements since then. Hasek, which is a no-brainer, and Miller (who IMO should be nowhere near jersey retirement-level)
I don't think Pegula cares about any of that.