I mostly agree with what you’ve said there, but I beg to differ in one respect. The NHL’s “decline” over the last 20 years has really been exaggerated. While free agency, the salary cap and expansion have diluted the talent and eliminated the whole idea of “team chemistry” in the NHL, it should also be noted that the flood of Europeans in the league since the early 1980s has really elevated the talent level.
As long as there is a point spread, there will always be fans.