How I'd re-do the league:
1 - First of all, move Carolina and Phoenix to proven hockey markets like Kansas City and Seattle.
The late 90's Expansion has diluted the talent so lets get rid of Nashville, Atlanta, Columbus, Minnesota. Plus we've had more then enough time to judge those markets and it will never work in those places.
The early 90's expansion also further hurt the league in terms of talent and terrible choices for franchise locations. Plus I don't like their logos or jerseys, they aren't classic enough and have helped ruin the game. So lets get rid of Anaheim, San Jose, Florida, Tampa Bay and Ottawa.
Taking in those WHA teams was a terrible idea so we need to get rid the newly moved Kansas City and Seattle franchises, Quebec (moved back from Colorado where they had no fans) and Edmonton.
The Capital's attendance in the 70's was terrible, even though they have Ovechkin now, so they're gone. The Devils have always had attendance problems so lets move them back to Colorado and then back to Kansas City. Kansas City was failed market so axe that franchise. Calgary is to move back to Atlanta, where it will also fail inevitability, so get rid of them too. The Islanders, well they have Wang so they're gone too (plus the fishsticks logo gives more reason to axe them).
Vancouver and Buffalo were bad places to locate franchises, they haven't sold out all their games in history, so lets fold them.
Dallas should move back to Minnesota, they didn't have every seat filled during the All Star game. We should split the franchise in half, moving half of it to Cleveland and then back to California.
The NHL shouldn't have added more teams to the Original Six, so lets just fold Philadelphia, St.Louis, Pittsburgh, Oakland, Half of Minnesota, and Los Angeles.
We're back to the good old days, the Original Six.
2 - Equipment has helped ruin the game. No more helmets for players or goalies. Only wooden sticks are to be used. Jerseys are to go back to being real sweaters.
3 - Ads on the boards take away from the game, so no more advertising.
4 - No TV deal. The game isn't meant to be shown to other people. Hockey is a niche sport.
5 - Instead of ties, each team will send two players in a battle royale at center ice. The winner is determined by who is left standing.
6 - Keep Bettman running the show.