However "Small market" isn't based on population alone. Buffalo is a very small market city compared with Phoenix, Tampa, Charlotte, etc but is effectively a large market team when it comes to hockey.
Canadian cities the same size or even smaller than Buffalo might be large market, or at least mid-market, cities in terms of hockey given the fanaticism of the population regarding hockey.
I think the fundamental question is whether hockey is better served expanding in places where it is revered or at least strongly followed as a dominant regional sport, or whether it should continue to expand to large markets where it can hope for a small but potentially proftiable niche position among football, basketball, baseball or whatever. The Atlanta/Calgary and Winnipeg/Phoenix-Atlanta/Winnipeg chain of franchise moves would seem to be case studies for the former, but who knows.