Yes, but the league will do what it can to keep teams where they are. Before the Thrashers, there was 1 NHL originated relocation since the early 80's. The former WHA teams, they were in smaller cities, put there to compete against the NHL. Hartford is a terrible place for a pro team. The evidence being that no other league has a major league team there. Stuck between NY and Boston. Quebec, Winnipeg, among the smallest of small markets. The only thing that likely saved the Oilers was not just the Cup history, but the dynasty history. When those 4 teams were absorbed by the NHL, they were stripped of talent.
No league wants teams to move. It's not a great look. They want stability. The only reason the Thrashers moved was because they were being kicked out of the building they played in, and there was no other viable place in Atlanta. It'll take another dire situation like that. It won't be because, eh, we feel like moving this team over here.