The NHL needs to clean up its product, for sure. The hooking and grabbing, lack of physicality, and mess of a Coaches' Challenge make for a far less appealing product. With that said, let's not kid ourselves. The Sabres situation still boils down to winning. If they were of their previous President's Trophy caliber, the arena would be sold out each night.
People like winners and the momentum that a great team builds. Just look at the Hawks earlier in the decade as an extreme example. Their "getting better" year was around 12,000 average. Their "contender" year was almost 17,000. And then their first Cup year was sell-out territory. The fact the Sabres pulled this well with two tank years and a mediocre post-tank year is miraculous. In two years when they're at the top of the Atlantic, the line will be out the door regardless of what kind of product Bettman and Daly throw onto the ice.
That doesn't mean the NHL doesn't need to be concerned about it's product league-wide, though. I'm just not concerned about this market.