I’m going to guess that the owners try to find another location in Arizona. Any locals want to comment on appropriate spots?
Front runner seems to be an old shopping mall in Mesa about 6 freeway miles to the southeast of the Tempe site. The mall's been closed for some time now. Has about twice the acreage as the TED site and it privately owned by Verde Investments, of which Carvana is a main client (family connections to both companies). They had also held an option on a small portion of the TED site. Verde submitted a preliminary outline of a plan to develop the Mesa site back in February. But nothing has progressed on it since.
There's also been some talk about going back downtown to Phoenix. Although there's a lot of moving parts to it. The biggest roadblock had always been the previous owner of the Suns, and he's no longer there. But the arena did a recent $220 million renovation that isn't hockey friendly.
Also been talk about the Salt River Indian Community. The Arizona Diamondbacks have their spring training their, and there's been past talks with previous ownerships of the Coyotes going there. But putting an arena (plus entertainment district) on a Native American reservation brings with it some caveats of its own.