It's conceivable that by February there may be fans in the stands... would the AHL even play a season where teams can't have fans in the stands?
In Canada they probably would allowed limited fans. Each government collects entertainment taxes, so they get revenue from the events. The AHL affiliates would likely get some broadcast rights with the scarcity of content. From a player development standpoint competition is important, the higher the quality the better the development. I think the AHL could even profit from having CHL players if the lockdown continues. NHL teams are much more equipped to run bubbles, isolating their players from risk. If the AHL players are playing out of the same rinks, you would think there is the same protection.
I just get the sense that there are two factors in play. Hockey is #1 in Canada. Rogers needs hockey to maintain subscribers. That's their bread and butter, and the NHL's biggest source of revenue this season.
Teams south of the border are taking on a bigger risk playing, as operating losses could be higher than some owners are willing to commit to. Bubbles seems very likely in the beginning.
I think the NHL and the AHL are both taking risks if they play, and the risk has to be based on having fans in the stands, in limited to full capacity at some point. Playoffs would be the most important time I think, as the revenues go straight into the owners pockets.