If a 3rd team comes to Ontario, Kitchener/Waterloo makes the most sense if they'd be able to get an arena for it. Decent population in the tri-city area. London, Guelph, Hamilton, Niagara all close by.
I'll believe that when I see it. I just can't see the Leafs not winning that political battle within the league to allow that to happen. Yeah the league is going to sound tough for their own sake but they're not going to pick a fight with the Leafs over putting another team there when they have other options.