Actually, at this time the only thing that the Devils could do is not renew there working agreement with the Rats after the 03-04 season. I've heard that the management/ownership of the Rats has been looking to build it's own 4 to 5 thousand seat venue in the Albany area as I believe the lease with county for the Pepsi arena ends in 03-04 as well.
If the affiliation is not renewed there would be 4 possible options for the Riverrats:
1) Operate as an independent team in the AHL.
2) Sign a new agreement with a different NHL team.
3) Move down to the UHL or ECHL
4) Fold
As stated above with the rumors of them trying to build a smaller venue options 2 and 3 seem the most logical.
However, there could be a good chance at renewel of the working agreement with the Devils. Location and less pressure being in a smaller town could help the prospects, adjust to pro hockey.