I think it can work... 2M metro population + tons of tourists + large corporate presense and as far as the big four team profesional athletics go it'll be on it's own with no competition. I have to imagine that the arena won't have any issue with event booking in the offseason.
Realistically the best place to expand would be to put a second team in the GTO but good luck getting the Leafs/Sabres to agree to that and good luck finding someone to pay whatever the price the NHL would set on that. Seattle would be nice as well but the city only seems amiable to it if it coinsides with the return of the Sonics.
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