The problem is that the revenue is not there to support that...if it was supposed to be 4 billion and ends up 3 billion this year, which might be optimistic, and next year is plagued with attendance woes league wide which between fear and loss of income to buy tickets it will be...how can the cap go up? I don't see any solution to this without the players taking a fairly significant short term salary hit....and they'd have zero moral ground to complain publicly about it given even the lowest paid guy won't have to struggle to get by on a reduced salary of say 500k.
Revenue and cap are only linked on a superficial level to maintain the integrity of the "idea" of a cap system. Teams like Toronto and the Rangers can afford 150 million dollar cap starting tomorrow it will not affect their revenue.
On the flip side, making the cap higher means nothing to teams below it or teams that spend below the cap, like Ottawa. Just because you increase the cap does not mean teams have to spend to it.
The issue is the cap
floor , not ceiling. The process goes as such the cap ceiling is increased so too is the cap floor and that is where teams start to struggle to keep up, again like Ottawa. There is a reason the Sens have a bunch of players on the roster on IR that will never play a game for us.
The NHL could hypothetically increase the cap to help playoff teams remain competitive, while at the same time maintain or even dropping the cap floor to help the teams with less financial power remain competitive.
The cap is just a number, removing the entire cap tomorrow will have no bearing on the overall success of the league financially.