The NFL's economic model really hurts Toronto's chances for an NFL team.
The league is fuelled by TV money more specifically nationally as opposed to regional due the small number of games played. A team in Toronto wouldn't add enough value for the other owners to expand and divide the pie too. Which US network would really want Toronto vs. team X? Worst sell for adds. Same reason why the Jays hardly appear on US national TV and if they make the playoffs, they'll get the dog time slots as long as possible. Canada is already watching the NFL in big numbers so no reason to expand here.
Relocation is a long shot too. Spending 1.5-2 billion on a stadium and have a US based owner move their team here won't happen. When was the last time a team was moved via sale?
If the NFL wants to put a team outside of it's border, London makes more sense. A much larger market plus there would be more games in a different time zones which means a new TV package to sell. Toronto doesn't offer that.
Seems Kroenke's goal once he gained full control of the Rams was to get the team to LA, even if it wasn't immediate. It was always his plan.
Even though I agree with most of your takes. You do ignore the big-thing Toronto offers an individual owner. Since the NFL salary cap essentially fully comes out of the TV deal, and the population size and wealth in the Golden Horseshoe that could be an insanely profitable franchise. It would be among the NFL's largest markets that doesn't serve 2 teams, in a city that has a massive finance industry along with being the media hub for Toronto. Within a 90 minute drive of the center of Toronto, you have about 9.5 million people to draw from. It is as big as any CMA outside of NYC and LA. Pretty much all local revenue you get to keep outside of paying for non-player expenses. That is Toronto's big appeal individuall IF and it's a big if, they can ever work out a stadium.
As for network TV sales. It is the NFL, people always turn in any way due to fantasy and gambling. It is by far the least reliant on bringing in local viewers of all NA sports. Just look at how many national TV games Green Bay gets. Yes, its a historic franchise and draws from all of Wisconsin, but it is a tiny local market.