When you look at it, this league would face some serious hurdles in trying to build credibility. Sure you could have some big names in finance and media to go alongside the players, but without access into some of the major TV markets, you might as well give up if you really want to be a rival to the NHL.
You have to have teams in NYC, Chicago, Los Angeles, Toronto, Montreal, Boston, Atlanta, Philadelphia, Dallas, San Francisco, Washington D.C., and Detroit. But where would these teams play?
NYC--?
Chicago--Allstate Arena?
Los Angeles--Great Western Forum?
Toronto--Skydome?
Montreal--?
Boston--Worchester? Hartford?
Atlanta--Arena @ Gwinnett Center?
Philadelphia--?
Dallas--Reunion Arena?
S.F./Oakland: Oakland Arena? Cow Palace?
Washington D.C.--1st Mariner Arena in Baltimore?
Detroit--Cobo Arena? (No way in hell they could use the Palace @ Auburn Hills)
Some markets (current NHL and potential rival league cities) would be easy in which to put a team into an arena:
Miami--Miami Arena
Portland, OR--Rose Garden
Kansas City--Kemper Arena
Phoenix--America West Arena
Milwaukee--Bradley Center or US Cellular Arena
Cleveland--Gund Arena
Indianapolis--Conseco Fieldhouse
Minneapolis--Target Center
Winnipeg--Winnipeg Arena
Vancouver--Pacific Coliseum
San Antonio--SBC Center
Houston--Toyota Center
Salt Lake City--Delta Center or The E Center
I doubt this league will get to far past the rumor stage, as the entire lockout has been nothing more than a hotbed of rumors interrupted by soundbites.