Ultimately it comes down to ownership. Will the owner spend money, not just on player salaries but on the arena, practice facility, training equipment, transportation and lodging for road trips, etc.? Will he hire a good GM and coach, and just as importantly, let them do their jobs without undue interference? Will he do a good job with community outreach and providing a quality fan experience on and off the ice in order to make people want to come and support the team?
It all starts at the top. As a Tampa fan I can tell you that we suffered through decades of some of the worst ownership in sports history, not only of the Lightning but in two other major sports as well, and after Vinik took over it’s been a night and day difference. Buffalo obviously isn’t as attractive a city as Tampa, but get some decent owners in there and they can still have a successful franchise; the same is true of all the struggling Canadian teams.
Tampa Bay consistently ranks pretty high in attendance (at one point, it outdrew every 06 team save Montreal), yet is often derided, but I get it. It sucks having to see another team actually give a damn while you have to write off basically another year as a failure. I get it. But that doesn't mean you have to pretend it's some sorta conspiracy. Cowherd's right - only losers talk like that. Sometimes, you just have to face the facts. Tampa Bay got ownership that put in the work, and look at them now. Three cups, a highly rated fanbase - they could've easily just said screw it and coasted, but that wasn't their style. Nashville is another great example, and so's Carolina. Hell, even when Karmanos was in charge, Carolina had some pretty big buzz - they had literal NFL style tailgates at one point.
And honestly, what's most amusing is how many people with no financial stake in the league give a damn to begin with about markets, period. Why do you care? Are you really as bothered as you claim that there's a team in Arizona?
"Oh, it's embarassing!" you say as they sport a 4000 something seat arena, meanwhile you're repping teams that celebrate cup wins in parking lots because nobody gives a shit in their markets (Devils, Ducks), has games consistently turn into home games for the visiting teams (Sens), couldn't draw flies to shit even through four straight title wins (Isles), has won draft lottery after draft lottery with nothing to show for it (Oilers), covered up sexual assault (Blackhawks), has literally won one cup in nearly a hundred years (Rangers), and more...shit, tell me when Arizona having such a puny arena to play in is as embarassing as some of that!