You're over-valuing the Canadian consumer sports market, specifically Toronto based teams. Maybe if we had an NFL team you could bank on Canadian viewers throughout the country (which wouldn't matter because the NFL works with a very restrictive, money generating cap system) because it would be the nations only NFL team and Canadians in general (especially out west) are partial to football.
But when it comes to the Leafs and Raps, very few people outside of Toronto could give a flying ****. Not to say that they aren't revenue generating teams, compared to their American counterparts on average they absolutely are, but not enough to condone luxury dollar spending.
You're hoping that the Raps are going to turn into a brand that is parallel to New York or LA on the backs of Rogers and Bell spending boatloads of cash in penalty dollars?
You're dreaming.