If it were $500M either way (expansion, or acquire and move the Canes), which would you prefer as the buyer?
Looking at the expansion draft rules, I might be inclined to go the expansion route. Vegas will probably end up with a better defense and better goaltending than the Canes currently have.
Plus, it sounds like they are guaranteed to draft no worse than 4th for the next 4 years (or whatever the details are). And no baggage.
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