First of all, I am Canadian, and have been involved with the NHL since February 1959
Could you point to a fact that says that Canadian teams provide 40% of the revenues? Last year they provided 24.4%, and Montreal and Toronto provided 15% (leaving 9.4 for the other 4 teams or below the league average (source, NHLPA and NHL, July 2010). In 2008 when the Canadian dollar was greater than par fop 10 months, Canadian teams still only reached 28% of total revenues (reported in the Toronto Star and Globe and Mail - Kevin McGran reported)
1) Edmonton, Ottawa, and Calgary are 3 of the 5 teams with the lowest revenue in the NHL (only Phoenix has less revenue than Edmonton, and Nashville ranks between Calgary (26th) and Ottawa (28th) - source NHLPA July 2010
2) Edmonton, Ottawa, and Calgary all received league assistance last year (71% of the assistance fund comes from American teams) - source NHL July 2010
3) Hockey News player surveys in 2002, 2004, 2006, 2008, and last March have constantly placed Edmonton as the place players least want to play with Calgary and Ottawa not far behind.
4) 31% of the revenues for Canadian teams comes from the US (you would lose these in an all-Canadian league). The CBC bases it's fees based on American/Canadian rivalries (it's not a random event that Pittsburgh has played almost all it's road games in Toronto on Saturday nights since the lockout (http://www.shrpsports.com/nhl/result.php)...cough cough Sidney Crosby and Pittsburgh are a major draw
5) "This new league would have the Stanley Cup because it's a Canadian trophy" - as determined by a 2006 lawsuit, the NHL gets the trophy...........and it's British (again, as determined in the lawsuit), not Canadian. Any Canadian league (as tried in 2005) would have to take the NHL to court to get the trophy. Why would they win now when they didn't win then?
6) Canadian teams currently make more money from NBC/Vs (3.7MM last season) than they get from Canadian TV rights ($1.8MM from CBC ($55MM over 5 years ($11MM/year) divided among 6 teams))
I know almost all the Canadian owners, and all the Canadian GMs................none of them believe a Canadian league would get off the ground......and I agree with them whole heartedly.