I think going to a refurbished BMO is the best option, but only if MLSE buys the team. It's the safest bet.

But if it comes to best location for a new stadium, I'm surprised nobody's mentioned the Portlands. Minutes from downtown, thousands of acres of developable land, its the perfect place for a Lansdowne Stadium-type development with lots of commercial and residential in and around the stadium. Enough land -- downtown land -- that could attract a really great civic-pride kind of development.

The best part is how the changing transportation infrastructure could make the Portlands a perfect fit for the future. The Gardiner east of Jarvis is coming down. They are going to completely redesign the Don Valley/Gardiner/Lakeshore interchange. You could have a Don Valley offramp heading straight into the stadium area, and a Lakeshore Southeast turnoff coming off the Gardiner eastbound.

The new Downtown Relief Subway line is supposed to head south from Pape Station then west to the West Donlands, pretty easy (relatively) to connect to the Portlands from there. No real good GO solution, though.