There's a middle ground in between the two extremes you presented (through JY's post).
On the one hand, there's really no hockey market left to develop in Canada outside areas that are already greatly exploited. Short of having a team sharing either Mtl, Tor or Van's territory, there's really no place with the proper demography and financial pedigree needed for a succesful venture. Among the few options left in occupied territories, QC isn't the best option either.
On the other hand, the league's obsession with infinite growth will end-up watering down the product, on top of taking legacy fans for granted, which will probably one day lead to decline.