Eastern Conference
North East
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Boston
Buffalo
Detroit
Montreal
Ottawa
Toronto
Atlantic
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New Jersey
New York Islanders
New York Rangers
Philly
Pittsburgh or Washington
Western Conference
Central
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Chicago
Dallas
Minnesota
Phoenix
St. Louis
Pacific
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Calgary
Colorado
Edmonton
Los Angeles
San Jose
Vancouver
Yes that's 22 teams instead of 30. The teams included would be open for debate. As you see, most of the previous expansion teams are toast. In addition to the decision on Pittsburgh/Washington, there would be some argument on Chicago since the team is in bad shape both on and off the ice. I'm giving those teams the benefit of their history in the league. It could be argued that Atlanta deserves to be in over any of those three previously mentioned. And yes, Detroit will be moving to the North East division where they belong. You're welcome Mikem. :-)
Player Dispersement
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Any players that are free agents remain such. That includes restricted free agents. Any team can sign them.
Remaining players under contract are drafted by the teams in reverse order of last seasons standings. A lottery, like what is currently in place, may be used so that teams don't tank on purpose to get that top player. Any player picked up means a current roster player is put into the draft. Any players not picked up become free agents, their current contracts bought out by the league.
Playoffs
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Division winners are seeded in first and second spots.
Due to smaller number of teams, the current South Eastern division winner seeded automatically higher than other teams despite their lesser number of points situation, likely won't happen.
Top 8 teams in each conference get in.
Or top 7 teams get in and the first place team gets a first round by. Maybe make the first round best of five so the first place team isn't waiting too long.
During Regular Season
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A regulation time win is 3 points. An overtime win is 2 points. After a five minute four-on-four overtime a shootout happens, winner gets one point. This encourages teams to win in regulation time.
Due to less teams the schedule can be reduced.
Penalties
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Instigator rule is gone.
Fighting with a visor isn't a penalty as long as the helmet is removed prior to the fight or in the first few seconds.
Any high-sticking penalties, the player serves the whole time, be it two or four minutes, no matter how many powerplay goals scored by the opposition.
Other
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Move nets back to 10 feet from the boards.
Goalies not allowed to pass forward.
Increase size of nets width by two inches and height by one or two inches.
Strict enforcement of goalie equipment.
Remove the red line.
Increase blue line width by 2 inches to 14 inches.