Remembering that 04-05 was the lockout year.....
Ottawa payroll 03-04, 05-06, 06-07 and 07-08 (in millions of dollars): 39.6, 36.9, 43.6, 50.0
Edmonton: 33.4, 38.5, 42.3, 46.9
Calgary: 36.4, 36.6, 45.8, 50.9
Except for Ottawa in 05-06, payroll was increased every year, and none of them came close to the salary floor (which went from $21.5M in 05-06 to $34.1M in 07-08).
With the possible exception of a new rink for the Islanders, there are no large revenue increases on the horizon for those U.S. teams. What they need are expense reductions (i.e. not having to meet the current $41M salary floor), which might still hurt those teams, but will allow them to come off life support. How do you think baseball teams like the Pittsburgh Pirates and the Kansas City Royals survive year after year? While it's true they get more from general league revenues than NHL teams do, they remain viable primarily by keeping their payrolls down. If the Jays didn't have delusions of grandeur that it was still 1992, they could (and would) do the same. Instead their massive losses are covered by the largesse of Rogers.
But would the NHL actually attempt another lockout to get this paradise deal? Would they screw it up even if they "won" again?