Hmm, not really sure all that apropos here.  Whether you're referring to the NHL or the Olympics, I don't think either can genuinely be referred to as "sinking towards irrelevance", implying they were already headed that way before this decision was announced.

Both institutions are huge money making enterprises watched by millions, and while they may or may not be your cup of tea, and however disappointing this decision by the NHL may be, don't expect either the NHL or Olympics to become "irrelevant" any time soon, at least not in my lifetime (which I hope will last some 40 more years.