At least at this moment in time, it seems like all the franchises, outside of Phoenix, seem to be fairly stable. Could be a problem in the future but I'd be surprised to see a relocation outside of the Coyotes happen within the next decade. Plus, I'm sure the NHL would try to keep relocations as close as possible geographically, sort of how the Coyotes almost went to Seattle. Just speculating here but say expansion happened and the Coyotes had to move, perhaps Las Vegas would be an option since they'll have the new arena and it wouldn't affect the divisions at all.
If it doesn't affect the divisions, or if there is an easy way of re-configuring the divisions involving two teams or so, then relocation is all good. Again with expansion, if the league plans on keeping the 4 divisions for the time being then fair play, make it an even number for both conferences to maintain equality. My only hope is it doesn't exceed more than 32. Don't get me wrong, I love the English tiered system for soccer because of the excitement in April (Sheffield Wednesday usually in the mix of it!) but NHL should keep the league status by keeping an eye on the amount of teams playing, could easily get carries away with adding teams.