The short answer? Soon™.
Thje long answer? No one really knows.
1. Many believe that expansion won't be announced until the new CBA is agreed upon. Bettman indicated that he wants it to be done by the start of game one of the SCF. However, should any bumps in the road happen, the two sides have until 15 September 2026 to come to an agreement.
2. As the post from The Fourth Period a couple pages back stated, everything on the county level is done and Vernon Krause is expected to make a formal pitch to the league sometime soon.
3. Whether some folks want to admit it or not, Carter and his investors are still in it, though according to the post referenced above, the belief is his group is now in a distant second place in the race to purchase a franchise.
There's still so much we don't know, and I'm hoping we hear more soon, but news will come when it comes.