East vs West, and the winning side gets home ice in the Stanley Cup Finals
Have the league pay out each player 2 game checks if they are elected to the ASG (one for the Skills Night, one for the game itself). If they elect not to play, they don't get paid. And give the winning team a healthy bonus check as well.
Make it worth their while to play, and make it worth their while to care. I personally don't like the MLB rule that gives home field advantage to the winning side, but it does create competition between the two leagues when something like that is up for grabs.
Home ice advantage for the finals doesn't make sense - and it wouldn't even change anything. Half the players playing for the "east" this year know their teams have no chance to get to the finals, and don't care. And those that have a chance - they're probably more concerned about staying healthy and don't care about potential home ice 5 months later. The fans wouldn't care either - if you're a Tampa, Boston, Pitt, Wash fan - do you really care if your conference wins home ice 5 months before?
But if you want to give a reward that teams, players and fans would care about - how about some draft incentive. The team who wins the all star game (so keep it divisional teams, or conference teams, works either/or) - one of the winning players win an extra first round draft pick in upcoming draft. So for example:
1. After the ASG - all players from the winning team are put in a draw where 1 player wins (a bit like the draft lottery, where 1 team wins). It would be
1 ball per player - so if a team has 2 players, or 0 players, higher odds. So if Ovechkin refuses to go - and gets replaced by a Pitt player for example - and his teams wins the ASG/Pitt wins the lotto - Caps fan would be pissed.
2. Whichever team won the above draw - they win one lotto ball in the Draft Lottery (so equivalent of same odds as the 15th place team to win). (if 1 ball too low - maybe give slightly increase odds, to make it more exciting, but nothing too drastic)
3. If the team wins the lotto - great, they win the first, second or third overall picks in the draft. Fantastic.
4. If the team doesn't win the lotto - they still get an
extra first round pick, in last place (so 32nd pick, or 33rd after Seattle joins).
5. After the first round in the draft - second round goes back as normal, 1 per team.
This accomplishes a few things:
1. Gives ASG more meaning (I guarantee you that if most fans don't care about the all star games - ALL fans love the draft and would love even more to be able to win first overall)
2. Gives playoff teams a shot at first overall pick too