It’s just not big enough, and has nowhere near the corporate base to offset its size. Nutrien is big but it’s only one company. After that it falls off fast.
Sure, 19th among city proper populations in Canada. A little smaller than Gatineau and a lot smaller than Laval. Throw in the suburbs, and greater Saskatoon is considerably smaller than Oshawa or Victoria BC.
For international reference, it’s the size of Champaign-Urbana IL USA, Reading UK, Bielefeld Germany, Avignon France, or Uppsala Sweden.
It’s just not nearly large enough to hold down an NHL team. As an exhibition city, or a temporary landing place for a team that loses its arena, sure.