I think that over the next 3 seasons every team should have to host an outdoor game. Those teams incapable of creating a naturally occurring outdoor rink lose their right to have a team in the NHL (kidding, but you get my drift - if the fans are coming to the games in Nascar hats....

).
When I was a kid, the only team playing in a warm weather city was LA, and the league looked like this:
Campbell Conference - Norris Div = Detroit, Toronto, Chicago, Minnesota (now Dallas) & St. Louis
-
Smythe Div = Edmonton, Calgary, Vancouver, Los Angeles & Winnipeg (now Phoenix)
Wales Conference - Patrick Div = Rangers, Islanders, Pittsburgh, New Jersey (formerly Colorado), Washington, & Philly
-
Adams Div = Montreal, Quebec City (now Colorado), Boston, Hartford (now Carolina) & Buffalo
Now these divisions weren't always aligned that way - there was a significant mix-up when New Jersey moved from Colorado - but this is the way I remember it, with only 21 teams vying for the cup.
I think the league would work best as a 26 team entity - 13 per conference under the old banners would be sweet:
JJ's Campbell Norris = Detroit, Chicago, St. Louis, Columbus, Minnesota &
Winnipeg.
Smythe = Edmonton, Vancouver, Colorado, San Jose, Dallas, Los Angeles & Calgary.
JJ's Wales Adams = Boston, Buffalo, Ottawa,
Quebec,
Southern Ontario, Montreal & Toronto
Patrick = Rangers, Islanders, New Jersey, Philly, Washington & Pittsburgh
In this system, 6 existing teams would cease to exist as they are today - Atlanta, Nashville, Tampa, Florida, Carolina & Phoenix. These would merge into the new Winnipeg, Southern Ontario (Hamilton or Waterloo, as per the wishes of the guy who owns RIM/Blackberry) and Quebec teams via mergers. I guess 50 or so players would be out of work... too bad, so sad.
No more instigator penalties. No more regular season OT (keep it playoffs only to heighten the excitement - OT used to be SACRED when I was a kid) and NO MORE SHOOTOUTS. EVER - unless it's an All-Star game that ends in a tie. 2 points for win and 1 for a tie comes back into play - there's NO WAY a team should be able to finish a season with
84 points and 0 wins. No way!
14 teams make the playoffs, the tops in each conference win first-round bys (making the regular season MUCH more important, no coasting over the last couple of weeks to rest up). First round is best of 5 to up the chances of an upset, then it's best of 7 from there on in.
I realize it's all about money so there's NO WAY this could ever happen.... but I think the quality of the hockey would be improved ENORMOUSLY. And that's all I'll say about that.