This lockout, as opposed to previous ones, almost ruined the entire season. Since this wasn't the first lock out, I think this has gone the way of "third times the charm" or something like that. I believe that fans are going to have a very hard time trusting the league enough to buy season tickets any longer.
I don't think the reputation of organized sports can sink much lower than it already has, what with the recent scandal involving Lance Armstrong and the vast doping conspiracy. It may very well be the case that most athletes are scheming liars. They might even be the natural sister profession of the politician.
This isn't the first lockout under Bettman's tenure, and if he sticks around it won't be the last. Hockey is a fantastic sport, but the NHL has a rough reputation for shutting down at some point every decade and it has a bunch of teams nobody cares about for the fast cash grabs involved in forming them. You can't ruin something that's already ruined.
At this point, the NHL lockout will not ruin the league's reputation. The reputation is already very bad and it cannot get much worse. Over-expansion, no major TV network games, and a delusional commissioner are all things that the NHL is dealing with right now. The lockout is just a fish in a large pond of problems for them.