Expansion is off the table, and for good reason. There are enough teams as it is. Montreal is the only market that might warrant a team, and the only potential candidate for relocation is Tampa Bay, since San Diego and Miami both have fairly new parks.
How would 32 teams as opposed to 30 hurt anything? The overall talent pool has increased thanks to population increase, more countries caring about baseball, and increasing specialized youth coaching. A player who could just barely make to MLB in 1998 (when it expanded to 30) couldn't make it today.
With that argument off the table, there's really no reason not to expand if it could be profitable, and there's definitely markets where it could be.