I'll have to dig it up, but when I applied it to last year's eliminations, the results were just random. Most teams are mathematically eliminated with less than 10 games to go. And I think there was a case of two teams in different conferences being eliminated on the same day, but one team had an extra game left to "gain" points on the other.
And one other issue is what would teams do with their non-premium playoff rentals. Do you trade them for a mid-round pick or keep them to help you "earn" a higher pick. Ie, does Anaheim deal John Klingberg last year or keep him so they don't have to dress an AHL defender down the stretch? What motivation does Klingberg have to help the Ducks when he wouldn't be returning?
Personally think it sounds better in theory than actual application.