Yeah, this right here. They were pretty much on life support. Technically, it wasnt actually a "merger" but an "expansion", framed that way by the NHL, the incoming purchasing "Expansion Franchises" albeit Foster Children with pasts. But no, the fundamentals, the foundations, the wealth within the league, what they were turning over in ticket sales etc, simply wasnt tenable as a top flight professional league that would rival the NHL. Theyd have morphed as some clubs actually did into minor-pro clubs, various circuits.
Indeed, the whole raison d'etre in forming the WHA was to eventually force Amalgamation, all hype really, challenging the NHL's supremacy, promising to go Global, first in the UK, Europe & Scandinavia... possibly even Russia.... put such a scare into the NHL that rather than being turned away every time they came knocking on the NHL's door seeking an Expansion Franchise that in huffing & puffing, they'd blow their house down, be allowed in. Ed Snider of the Flyers the first to advocate for their entry in 1974. He saw what their existence was doing with runaway player costs, salaries. But the Old Guard wanted no part of it or them. Didnt really understand, cotton on to what they were really up to.