5000 is barely ECHL level. 3200 is more Federal league level. (although I doubt this works if the Coyotes are going to take away that many seats from the university's plans, unless the lease payments and other improvements somehow make up for the loss of all those seats for the school while they are there).
Even in most of the 5000-ish ECHL arenas, there are usually special circumstances that make it possible. Wheeling and Adirondack are community owned teams with really good leases (basically the chamber of commerce members own the team collectively and get the building almost free). In K-zoo the team owner also owns the building and he's been there forever, so it's paid off, and he has curling, public skating, concerts, etc to help pay the bills. I don't know how Idaho is set up. The two newest ECHL teams, Iowa and Trois Rivieres, are both owned by the same guy who owns Newfoundland. I'm not sure how he is making those work either - although averaging almost a sellout every game is a better atmosphere than averaging 5,000 in a 10,000+ seat arena, and a smaller building means lower rent, and less staff to pay.
ECHL arenas:
Orlando: 20,000
Tulsa: 19,199
Cincinnati: 17,556
Greenville: 15,951
Wichita: 17,570
Jacksonville: 15,000
Fort Wayne: 13,000
S.C. (Charleston): 13,295
Atlanta: 13,000
Utah (SLC): 12,600
Worcester: 12,135
Rapid City: 10,000
Norfolk: 10,253
Savannah (coming 2022): 9500
Florida (Estero): 8284
Allen: 8100
Toledo: 8000
Reading: 7083
Newfoundland: 7000
Indy: 6800
Maine (Portland): 6206
Kansas City: 5800
Wheeling: 5406
Iowa (Coralville): 5100
Kalamazoo: 5113
Idaho (Boise): 5000
Adirondack (Glens Falls): 4806
Trois Rivieres: 4390