I don't see any way that this would get off the ground successfully by next year, or the year after, but it will happen somewhere down the road.
With the salary cap now, European clubs can pay more for the top end guys. Now, I doubt you'll see Canadian or American guys going over, but guys like a Jagr, a Datsyuk, Yashin etc. would be able to make more money at home.
Also, the second tier guys that will get paid 3-4 million would probably get a bit more in Europe.
Again, I don't think it'll be a success soon at all, but somewhere down the road a NHL rival league or and NHL-friendly league will open up in Europe, as there is definitely a market there.
Maybe that will be the legacy of our next Commissioner?
As for now, they have to be worried about rebuilding in the U.S. though.