The growth projections are not as a massive as they might seem. The cap has artificially been held back because of covid. But all of that is now behind the NHL. At $6.7M in revenue under the old rules the cap ceiling would be in $105-110M already for next year. Much of that prediction you find optimistic is already baked in. It is mostly about trying to get to normal in an orderly way.
Again, even in the global financial crisis, by far the worst financial situation in my lifetime, growth still happened. In fact it averaged close to 5% over a three year period. To get to $120M from where we are you only need to have growth average around 1.5-2% if they go back to the same rules. I suspect that they will modify them somewhat to reduce escrow but 2.5-3% growth gets you very close to that number. If the Canadian rights are anywhere close to what is being speculated that would be almost automatic.