I agree with this - I thought up the "homeless team" scenario as well, but there are just too many barriers. Splitting between two arenas, either 50-50 or have a "special 10 game stint" in another city, might be moderately feasible, particularly if scheduling difficulties were an issue, but with most of the cities being cited (Quebec, Las Vegas, Seattle, Portland), there's not much of an issue of sharing an arena with an NBA team and having tons of dates already booked.
That said, although the players would rightfully hate being a homeless team, I can't imagine that a "we can change your home arena multiple times in a season in an emergency" clause isn't in the contract. In both the NBA and NFL, New Orleans had homeless teams after Katrina hit.
Now, the precise definition of "emergency" may be narrower than "Glendale threw the contract in the garbage 3-4 months before the season started", but the fact that the players don't like being wanderers isn't that relevant - it could happen. Perhaps it would be a PR disaster, but it could.
Besides, there are advantages. If the Quebec Coyotes still have to play in the Western Conference, the players might like being the Quebec/Portland Coyotes, given that 25 of their away games would be played out west anyway.
That said, there are way better solutions than a homeless team, especially since season ticket sales and TV viewership will suffer. I'm sure the NHL has a general plan/concept for a homeless team on the backburner - you always have to prepare for disasters, both natural and manmade. But it's probably plan H.