this is a good question that has no good answers.
Lease expires in 2015 and Wang has stated that the team will move out of the collisium at that time. (only 3 years left)
Wang refuses to play ball anymore with nasseau county. (including the belmont development)
If wang wants to build a new arena somewhere else on long island, he's got 3 years to do it. Quebec's arena is slated to open in 2015 and is breaking ground in September this year. Wang is running out of time on the new arena front if he really intends to move out in 2015.
Looking at existing arenas, the brooklyn arena (Barclays Center) appears to be the only viable option on long island. That, however, comes with the caveat that as a secondary tenant, revenue streams will be limited and seating capacity for hockey in that arena is 14,500. Winnipeg can make it work at 15,000, but their ticket prices are higher. Considering the isles would keep their MSG tv contract (~25M a year by 2015), they could still make it work there.
Outside of that, the other options would be relocation, either with wang as an owner or through a sale.
-Kansas City: Sprint Center makes enough money without a tenant, so doubtful they would give up significant revenue streams to a hockey team that moved there.
-Seattle: Hard to believe Key Arena would be a viable option at a similar capacity but no mega tv deal forthcoming. The new Seattle Arena development plan is in it's very early stages, but if it has broken ground by 2015, key arena could be viable as a temporary venue. Steve Balmer is involved in the new seattle arena development group. At that point, they need to get approval from the NHL for relocation and purchase the team from wang.
-Portland: Rose garden is a viable NHL site, but you need interest/cooperation from paul allen.
-Quebec: Arena will be ready in time, PKP needs to get approval from the NHL for relocation and purchase the team from wang.
-Southern Ontario: Arena plans in markham are starting up, may be ready in time. Need ownership and then to get approval from the NHL for relocation and purchase the team from wang.
I personally speculate that Wang will wait to see what happens with this CBA before deciding whether he wants to continue to own this team or not. If he does, he may reengage with nasseau county developments or assess the viability of moving the team to brooklyn (are the devils and isles still scheduled to play a preseason game there this year?). If not, all bets are off.