I'm not so sure. The TV money basically covers the salary cap. So they'd still need income to cover coaches, staff, travel / accommodation, player payments that aren't part of the cap, rent / debt payments on new stadiums.
22,000 fans x $20 x 9 games = $3.96 million, almost as much as the TV money (~$5m).
And I would think that there's a good chance that sponsorship revenue would be down, no fans in - stadium means no eyeballs on all the local sponsors. Maybe increased value to TV sponsors would make up for some?
But they've said July because of Toronto and Calgary banning sporting events through June 30th.