Zanzibar Buck-Buck McFate said:
The Leafs can dictate to the NHL because the Leafs in a sense are bigger than the NHL. Not literally, of course, but in the sense that the NHL needs the Leafs to drive/generate revenue streams across Canada, its core fanbase, and from there trickling down through the rest of the league.
I predict that MLSE will continue to be successful internally lobbying other owners to prevent any new team moving into the GTA expressly against their wishes. I also predict that when the deal is sweet enough, they will relent and allow a second team in. But the deal will be on MLSE's terms, not Bettman's.
Although Toronto is the centre of the hockey universe, the Leafs cannot enforce laws upon a competing organization, and would have to let a second team into the market area. Bettman will not allow any existing NHL team to dictate relocations or the additions of new franchises. Doing that would show the 'inmates' are running the asylum. However, the Bell/Rogers conglomerate would be entitled to huge market infringement fees from the second team, that may scare away potential buyers of that second team.
The potential owners would have to demonstrate to the NHL BoG that they have the money to support and finance a new/existing hockey team and the new arena. They would also have to compensate Bell/Rogers and I am not sure if the potential owners have those deep pockets.
With the relocation of the Thrashers to Winnipeg, the NHL is realizing how strong the Canadian fan base is for hockey, considering almost 50% of NHL revenues come from the 7 Canadian teams. Turning an existing US based team into a Canadian based team would just add more revenue to the NHL. I do not believe Bettman would allow the Leafs to hinder that progress, but again, Bell/Rogers will get some major compensation.