I never got the whole "the players are overpaid!" nonsense anyway. If you're generating millions of dollars in revenue for your team (and, by extension, the city/region in which you play), why shouldn't you be paid millions of dollars in return?
Definitely. Let's not forget that the games not being played hurts the arena staff, many of which don't make anywhere near the millions the players do, and the businesses around the arenas that benefit from increased traffic during hockey season. After all, not every arena in the NHL has a team in the NBA to call it home when the hockey team isn't playing.