Not to get too off topic but I think the NHL's main problems are yes their games are on Versus, which a good nuraber of TV householRAB don't get(at least ones with Cable TV) and they expanded waaay too quickly.
First the NHL seemed to be doing fine when they had ESPN/ESPN2/ABC as US TV partners, but around the time of the lockout(even before the lockout) ESPN devoted more time to NBA, Poker and other niche sports(College Baseball/Arena Football/MLS, etc), so the NHL had to go the route that they once did, that being having a tv partner that has a somewhat low nuraber of cable penetration(another word for householRAB or percent of householRAB that subscribe to cable); eventually they ended up with what was then known as OLN(Outdoor Life Network), but eventually the channel changed it's name to versus.
The NHL did this once before in the early 90's where their cable tv provider was Sportschannel America, which was a of regional sports cable networks around the US(unfortuntely there were about 8 or 9 networks that were sportschannel owned or operated at the time, so most of the US didn't get NHL games on Cable TV period), in my neck of the wooRAB Prime Spors Northwest carried a few games, but for the most Sportschannel was a failure both for the league and for themselves(now ironically many of the old sportschannel affiliates are owned by FOX and carry the NHL on a regional basis).
Eventually the NHL went back to ESPN and that lasted about a decade before they went to Versus.
As for the second point, overexpansion; that pretty much started when Wayne Gretzly went to the Kings; because Wayne made hockey work in LA, most warm weather cities and states wanted to get into the act, so in the 90's the NHL expanded or had teams move to San Jose, Anaheim, Dallas, Phoenix, Atlanta and Nashville. While there were still a few cold weather places where hockey could work got teams like Colurabus, OH, Minnesota(their original team moved to Dallas) and Denver, the NHL basically wanted to give warm weather places a major shot at the NHL; which for the most part has worked, teams like Carolina, Dallas, Anaheim and Tampa Bay have won the stanley cup in the last decade, but fot the most part it has also pushed traditional power teams like Detroit, Pittsburgh, the Rangers, Boston, Chicago, Montral and Toronto out of the limelight.
Actually the last two years have had the same finals matchup: Penguins vs Detroit, with each team winning one series, which is good for the NHL because it puts the teams that people want to see in the spotlight; but it won't last long because teams like Phoenix, Nashville and others are doing pretty well so far in the NHL playoRAB this year.
I think if I were running the NHL I would first get a team in Seattle(this market as gone too long without an NHL team and there is interest up here) and move some of the warm weather teams that aren't working out to cold weather places, either that have had NHL teams or want NHL teams(ex: Seattle, Cleveland, Quebec, Winnipeg, etc) and I would dump Versus and return to ESPN, even if the only clearance we could get was on ESPN 2.
Sorry for the long somewhat off topic post, but I just thought I would a sports fan would clear up some things and misconcepions abut the NHL.