I think the great majority of folks here have agreed that we need fewer seats and a different configuration. The real question at hand is what makes more sense - spending a significant amount of money to substantially renovate the Joel or razing the Joel and starting from scratch.
We don't really know what the former looks like or what it would cost. To achieve what we have talked about - possibly lowering the floor, rearranging seating to make it more vertical and closer to the floor, adding boxes, changing the concourse structure, reducing seating to 10k or less, etc. - I assume it would cost $25M - $60M, depending on lots of variables.
I think it is safe to assume that building an all new arena would approach $200M, again, depending on lots of variables.
Deciding which is feasible or which is better is above my pay grade. Personally, I think the former makes the most sense - assuming the renovation goes far enough to address the issues we have raised, will result in an arena that kicks ass, and would carry us forward for another 20-30 years.