Historically, Winnipeggers are 'fair-weather fans.' If the team has a lousy record, games probably won't sell out. While there may be a novelty factor for the first few seasons, a few years of being in the bottom of the tough West Division may make going to games a hard sell for the casual fan and many season ticket holders. This was true of the Jets, and is still the case with the Bombers. For example, last season, the Mike Kelly Catastrophe led to 1/3 of the seats unsold for many games - and on beautiful weather days as well. If the Blue is doing well, they sell out (same story with the Riders).
Anyway, the current agreement in the NHL not only has a salary cap/ceiling, but also a floor. Currently, for the 2009/10 season, NHL teams cannot have the combined salaries of their players be less than
$40.8-M. I would suspect that if the day comes when we get a team, we would be paying close to the floor to ensure the team is in the black. In other words, we probably wouldn't be much of a competitor and would only just scrape into the playoffs in the odd year. The Coyotes pay near the floor and don't really have star players/goal scorers, and they are usually in the bottom of the barrel (this year being a very odd year for them, as they have more wins than losses).
One possible way to pay near the floor and still field a somewhat competitive team, is to have an extensive scouting program. However, it costs big dollars to do that properly. We'll need to be able to spot the diamonds in the rough and play the draft smart. We'd probably lose our stars after their rookie contract expires though, so as to stay near the salary floor.