Here's what I honestly think will happen. Sometime around or after 2023, when a new controversy over the future of MSG has dragged on, some group of politicians and private investors will come to an agreement to privately finance a replacement arena somewhere else in the general area. First thing to come to mind is an expanded/reapportioned Javits Center. Recent developments in other cities suggest having all these crowd-drawing facilities in one place might be a more efficient use of space anyway. Once that happens...imagine a new arena opening sometime before 2030, the whole of the current complex can be demolished and fully redeveloped.
At that point the Moynihan portion will be open long enough that it could bear some overflow from decreased functionality at the main station. Also at that time, Hudson Yards being open for a decade and the responding redevelopment around Grand Central and the Trade Center will start to make Penn look like the obvious laggard in the transit-nodal business district crew. Tenants will have further fled to newer facilities, and it will really be better business at that time for them to rip everything out and start fresh.
So actually, let them do a basic-ass renovation now so we won't feel as bad when it all gets replaced in another decade or so.
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BUILD IT. BUILD EVERYTHING. BUILD IT ALL.
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