Or, rather than waiting twenty years, just go back and look at the
original reasons announced by the schools themselves.
As they said five years ago, they were looking for schools that:
1. Displayed a high level of competitiveness on the ice;
2. Demonstrated an institutional commitment to compete at the highest level of Division I hockey;
3. Provide a national platform for exposure; and
4. Have a high quality history and tradition within their hockey program.
That's what they were/are trying to achieve. Although they didn't specifically say so, it seems pretty clear from subsequent discussions that this was also the order of importance. That is, you needed to be a program fielding a nationally competitive team as demonstrated by relatively recent results, and you needed to show a willingness to spend money on your program, typically in the form of arenas and coaching.
Has the NCHC been a success? I think the results are mixed, but largely positive. The tournament hasn't produced crowds like the WCHA tournament of old, but I'm not sure anyone predicted they would. But the NCHC has been as successful as any of the three western tournaments that resulted from the alignment shift, and its the only one that hasn't had to fold up shop yet.
Six of its eight teams have made the NCAA tournament in just the first three years. We've had three different conference tournament champions in three years. Five of the eight teams have played in the conference tournament championship game. Six of the eight teams have hosted a conference playoff series.
They haven't produced a national television package, but they do have their own streaming service that seems to make money.
The conference has produced one national champion. In the twelve NCAA quarterfinal games since realignment, nine of them have featured an NCHC team, six of them featured a Hockey East team, with the B1G, WCHA, and ECAC bringing up the rear with two each.
NCHC teams have played 29 NCAA tournament games in the past three years, all televised or streamed on ESPN channels. WCHA teams have played seven. NCHC teams are 17-12 in the NCAAs these past three seasons. Only HEA teams at 14-13, are also above .500.
On ice the conference has been a success. Television, not so much. However, I also think that talking about television success today is a little like talking about radio success in 1970. Yeah it may be currently important, but technology isn't going to be kind to it.