The Canada/World Cup has no meaning because there has now been Olympic participation by Canada. The Canada/World Cup was basically made so that Canada could play the Soviets back in the day, because they couldn't otherwise for various reasons. Now they do play against each other in the Olympics, the mysterious Soviet machine is just Team Russia that has players allowed to play in the NHL, and Russia doesn't even medal in the pro tournaments anymore. In a way, the Canada Cup from the beginning was sort of a gimmick.
The NHL doesn't want the players they're paying to go off and play for a few weeks, risking injury, and paying for the privilege to see them possibly get hurt. That's the only reason they brought back this tournament; to try and give themselves some kind of bargaining power against the Olympics. It came back after the people in charge of the Olympics said they might not pay for the insurance and all that anymore. It was hastily put together because of that, and it is what it is.
You're not going to improve the tournament, as it doesn't matter. It's not the Olympics, and it doesn't even set the stage for the Olympics like the World Championship, even with the hodgepodge rosters the teams have in that. Unless the Olympics says pro players can't play, the reason for the Canada/World Cup no longer exists. Some of the game have been fun, it's interesting how Team NA and Team Europe have ended up rallying around something as a group, but there's nothing to the tournament.