I don't know if it would. If we assume that all the facts have been revealed and this is it, then there is already precedent for this case. There have been athletes caught at the border or at airports with drugs before and as far as I can tell, none of them have had their contracts terminated. Eric Macramella said last night as one of his examples that a baseball player had been caught with drugs at the Mexican border, had his team move to terminate his contract, and the ruling fell in favor of the player to keep his money.
While these crimes are serious in nature, it has to be a very special case to warrant contract termination. As I said, unless a body was found or something, I don't see how this holds up against appeals. Unfortunately for the Kings they have recent and fresh shining examples that the NHLPA can throw back in their faces. Voynov is going to be a pretty well-cited example thrown around should this make it anywhere.