Regarding relocation:
I'll take 50% of Pittsburgh's 2.5 million people over 90% of Quebec City's 717,000 any day of the week, as a potential market. Relocating them to Quebec makes no sense at all, especially seeing as neither city has a good arena and the Pens have had excellent attendence for the greater part of 15 years. (They had a 93.3% attendence rate for the season with the 2nd worst team in the NHL.)
If the Pens are relocated, it's probably going to be to an affluent American city with a bigger population (read: more taxes and disposable income) and a new arena. Same with Nashville.