Nah. Have two Canadian teams. Call them Team A, and Team B, with the latter being the leftovers after Team A is picked. Team B will have an absolutely insane chip on their shoulder as a result.
ELiminate Team NA. USA then becomes MUCH stronger, with Eichel, Mathews, etc..
Reunite CZE and Slovakia, if for this Torunament only. That would be a stronger team.
Instead of Team Europe have Team Leftovers. That would make eligible any players that didn't make any of the other teams, regardless of where they were born. Talk about something to prove!