The 40% of fans in the GTA who have little use for the leafs represent a very small potential increase for the incumbents. This potential revenue can however be captured quite easily with the addition of a 2nd NHL team in the area at little cost to the leafs. The internal competition within the same city should generate a revenue spike for both.

Greater Los Angeles supports two NHL franchises where 95% of the population thinks ice is something for mixed drinks. Greater New York City supports three franchises.

Assuming the passion for hockey is as great in the GTA as it is in say Winnipeg, they should be able to sell 60,000 seats a game in the GTA based solely population metrics. That leaves two full 20,000 seats venues with an additional 20,000 still sitting out. Both Franchises would still benefit from economies of scale that dwarf other Canadian NHL markets.