IMHO, nothing will happen so long as the Bills are doing well because they are probably occupying Pegula's time, not that Pegula's decisions when he does pay attention to the Sabres have been particularly good.
The best thing that could happen to the Sabres is if Pegula installed something like a Board of Directors of persons experienced with the business of hockey to develop a long-term plan for success of the franchise and to hire a new President and GM and hold them accountable -- and also be able to veto any obviously asinine proposed moves in moving players or hiring coaches.