Somewhat it will.
Yes, maybe some talented non-Canadian and non-American players will join, but also a lot of bottom-six plugs that ontherwise wouldn't have a job in the league. The questions remains:
- will this even be noticeable? I don't think many fans, including those who complain, will even notice such marginal thing.
- will the pros outweight the cons? From league POV it seems like a profitable move, and league is here to make a profit. Plus more fans will get their hometeams.
If there were just 2 teams in league, only top talent would play, real creme of the crop, but I don't think anoyone would want it.