People can't think of the NHL's cost and benefits as so black and white. It's not to rapidly hook a large amount of viewers to suddenly start watching hockey and spending money on their league. It's part of a larger project of growing the game and gaining national media exposure, in the US most importantly but also in other locales. It's not a zero sum game, where it either works or doesn't work. Which is also why the NHL has leverage and the space to reject the IOC and not go to Pyongchang. They don't need the Olympics, sure, they miss out on exposure and an opportunity to grow the game, but their project of growing the game isn't significantly set back. At the same time, on principle it is poor practice for the NHL, whose job is not only to grow the game but also to provide a profitable context for their 30 stakeholders, to foot the bill. Hockey at the Winter Olympics is a mutually beneficial arrangement, however, it is not fair for the IOC to bear none of the burden. Let's not pretend the IOC is revenue-neutral either; IOC executives take their "share" as well.
What Lawless says goes without saying, and unless the IOC has a change of heart (they won't), the NHL won't go to Pyongchang. The IOC thinks they have all the leverage and they can't understand why a federation wouldn't want to be part of their show. At least the IIHF and NHL are more or less on the same page with this. And as others have started, this does not preclude NHL participation in the Olympics moving forward; it's highly likely they go to Beijing in 2022 and I would also say it's highly likely that if the IOC does not waver, the PRC will pay the NHL's insurance.