I don't think it should be cancelled without at least trying and weighing out the options. I'd imagine it would be tough for some players that played all this season to only see it all go down the drain especially if they had a shot at winning. And this season in particular seems like many teams have a chance.
It's like the lockout season for MLB when people keep saying what if the season would the expos have won and if they did would they still have a team