Well, sure. The Canadian TV contract is small compared to the USA, but Bell still pay quite a bit for Canadian rights. Which is another reason why they don't really need a team in Toronto, the TV ratings might be affected a little for the games a Toronto team was playing, but overall the effect on ratings would be negligible. It's going to complicate things when Facebook gets the rights (looks like they are bidding on Thursday night games to start) and other services like that.
Bell made a deal with the CRTC (not an official deal, of course), in exchange for losing that commercial revenue they don't have to make as much Canadian content.