Here's my two cents
Using MPEG4 compression and 8PSK modulation, as many as 30 SD channels can fit on one transponder. Chances are some existing channels will move to this method as well.
I really don't think this CRTC decision is all that controversial. Also keep in mind Bell already agreed to carry the 43 additional locals by August 31, 2012 through it's tangible benefits package when they purchased CTVGlobalMedia. Part of that package included migrating services to MPEG-4 to accommodate the addition of these locals
For Shaw Direct, when they launch their new satellite, all 16 transponders will be MPEG-4. They will likely convert all the existing F1R and F2 HD channels to MPEG-4/8PSK as well. So there should be more then enough capacity to add these locals.
IMO Shaw and Bell should have planned for increased capacity and/or MPEG-4 migration all long time ago. They have both dragged their feet for long enough, so I do not have much sympathy for either BDU.
Conclusion: I really don't think this CRTC decision is anything to lose sleep over. I also have serious doubts that the industry leader will get involved and I also doubt Bell or Shaw will appeal the decision either.