I think the chances of this happening are very low.
The expansion process is complete. I hardly see the NHL with more than 32 teams.
The recent expansions took place because there was too much West-East imbalance.
Hockey is very poorly established in Mexico. The future of Mexican hockey depends on the development of a Mexican league and a training project.
There are already many teams playing in states with a large population of Mexican origin. Some are in difficulty (Arizona, Florida).
Nonetheless, I think hockey is going to become more and more popular among Hispanics. For the simple reason that the NHL is accessible to Hispanic youth. Unlike the NBA and NFL which are increasingly leagues reserved exclusively for African-American youth, a young Mexican-American can hope to become an NHL star.
If the NHL is to increase its influence, the league must look to Europe and cross the Atlantic by franchising 32 European teams and segmenting the NHL into two levels (NHL 1 and NHL 2) of 32 teams.
It is quite possible that one day or another, a European league will form if European players become the majority and more and more (40% of the players selected over the last 5 years are European; probably a new record will be set in 2022 ) and that the NHL ignore this trend reversal.
I can already see that Europeans are leaving Europe less and less to play in CHL or in the minor leagues.
The KHL already had this project to overthrow the NHL but it failed because the project was centered around Russia and Central Asia and because the local development were not performing well enough.
If a project bringing together Russia, Sweden, Finland, Czechia, etc and that investors follow and that the hockey elite of tomorrow is predominantly made up of European players, there could be a reversal.