If the MHL wants the CHL/Hockey Canada to take this tournament seriously, they need to get a Canadian TV deal. This tournament gets no coverage in Canada, aside from the local media in whatever team's city goes. I do like the idea of the Memorial Cup hosts going, as they are usually loaded up for their Memorial Cup run. However, I do think it isn't representative of the best CHL team, then again unless the MHL gets the NHL on board to allow all prospects to participate and the CHL to allow teams to carry all their now 20s (last year's 19s) and somehow allow them to retain their 20s (now 21s), this idea will never work.
Also, unlike European hockey, CHL teams start to trade off players as soon as the season ends. So the Oil Kings will have figured out who their 20s will be for the given year by the tournament. The majority of their last season 19s will have been traded away or released. Thus, the team will not be the same team that was there at the Memorial Cup. A better idea may be to stop using the CHL teams and go back to using CJHL teams and send the RBC Cup champions, those teams seem a little more intact year to year, yes some players will be NCAA property and CIS property and be unavailable, there seems to be less turnover.