I think you mean revenue is largely driven by the Toronto Maple Leafs and the Rogers/Sportsnet TV contract.
Yes and no. Canadian franchises are by and large money makers and have been since the cull of Les Nordiques and Jets 1.0. True, nothing compares to the financial juggernaut that is the Maple Leafs. And indeed that TV contract is huge, but that TV contract is for Canadian broadcasting rights. While all of that is great and the Leafs contribute the lions share, the seven Canadian franchises contribute 55% of NHL profits That leaves 23 U.S. based teams contributing 45%
But since we're poking fun, the Forbes report most people refer to indicated only one U.S. based franchise hemorrhaging more than $10 million per season - the Minnesota Wild.
(and yeah, I don't really believe the Wild are losing more than the Panthers or Yotes either, I think that's some darn fine accounting)
Interestingly the cap situation may only get worse as the Canadian dollar declines, if it continues to do so, relative to the U.S. dollar. It's not completely inconceivable to see the cap actually fall after next season, say if the Canadian dollar drops from 0.81 USD where it currently stand to 0.75 or less.