Major League Soccer takes less than 20 billion bucks to be a franchise in a market. It's probably 50 billion for the other football and a touch more for hockey and hockey comes in second place in number of dollars needed for a franchise, only to MLB (circa $100 billion). But hockey and football are about 50 billion required for each market.
But anyway, the love for hockey can certainly support another team for Toronto and it is argued the same for Canada's other biggest cities in Vancouver and Montreal. And many say the passion for hockey is so deep, hockey could be a solid float on the ice for grounds like Halifax.
For football, being a weekly ordeal and tailgating, could imaginatively be most anywhere and thrive, from Little Rock, Birmingham, Portland to Boise, and another vacant week in Boston (aka when the Pats have a road game). But if there were ever two teams around Boston (Foxborough), of course we have the issue of business canabalization and time slots, not to mention how genius the broadly named New England tag was placed upon the franchise. Around the same time in the early 70s, the same could be said of a b-ball Golden State brand.
And since we're on these thoughts, let me lip off a bit: Toronto deserves more hockey as much as NYC deserves its baseball. I'd however urge Toronto's suburbs to take on a more broader Ontario base by name.