If I'm to understand the terms of the NFL Collective Bargaining agreement correctly, individual players are free to market their likenesses for merchandising purposes to either subsiduaries of the NFL (NFL Properties i.e. the "Quarterbacks Club" and team logos) or the NFLPA (in the case of group licensing). As the NHL CBA has expired, so too does the joint partnership in NHL Enterprises. While the NFL chose the route of bidding for individual likeness licensing as a league (outrageously outbidding the PA in many cases), by no means does the NHL have to follow a similiar template. A consortium of select, high-spending NHL owners could set themselves up as a separate company, sign marquee players to both playing and merchandizing deals and still come under a league salary cap. Nowhere in the league charter is this prohibited.