This is where they benefit from all the Canadian snowbirds who retire there half the year. Same dynamic that made it viable to have an NHL team in Phoenix. CU would seem to have a built-in fanbase as a place that likes its winter sports as part of the state's culture.
The state already sustains three D1 hockey programs. Outside of the northeast, only Michigan and Minnesota have more.
I'm not bringing this up in a "market is saturated" way, but rather to note that there is already strong state support for the sport that would only be bolstered by the flagship university entering the arena.
I don't think finding a conference would be too hard. This year ASU is playing as an independent; I'm not sure where they'll land, but I'd be surprised if they find a home in a year or two.
CC and DU both currently play in the NCHC, AFA in Atlantic Hockey, and CC and DU were members of the WCHA in the past (left in 2013) - so Colorado is definitely within the "footprint" of three different conferences.
The NCHC was formed when the B1G started sponsoring men's hockey. Minnesota and Wisconsin left the WCHA and Michigan, MSU, and tOSU left the CCHA. (Penn State had added men's hockey, bringing the B1G to 6 teams and viability as a men's hockey conference.)
The NCHC was born out of that mess, and they were deliberately trying to counterweight the B1G in terms of hockey quality. It's currently at 8 teams.
The WCHA is at 10 teams, and Atlantic Hockey at 11.
Given that the founding members of the NCHC were all abandoned by several P5 schools having their main conference sponsor hockey, there might be some history to overcome there. They also specifically included an "institutional commitment to competing at the highest level" as a criteria for membership and given that the 8 schools have won a collective 19 natties (including the last 2) it may be hard to get in the door with them. But money talks.
Lastly, the ASU AD, when he announced that they were launching hockey indicated that other P12 schools were interested. He also said that he could see P12 sponsoring the sport at some point (would require 6), which again, probably actually hurts hopes of P12 schools landing in the NCHC. On the other hand, he doesn't work for ASU anymore, so who really knows?