Their labor union, the NHLOA would have a field day with this. The way it currently works is not so bad. I'm not privy to how it works exactly, but the gist is that they sign contracts to work a season (no idea of the contract duration possibilities), and if you perform poorly enough, you just don't get a new contract. Or you can pull a stunt like Tim Peel and get "suspended" in the form of him being withdrawn from being assigned to games and told that his contract would not be renewed, as well as "forget about it" for being selected to work the playoffs. He got his full salary during his pseudo-suspension though, until his contract expired.
Speaking of playoffs, they have incentive to perform well. 22 referees and 22 linesmen are selected at first to work the playoffs, and the best performing officials progress to ensuing rounds, while underperforming (or injured, which unfortunately happened to Chris Rooney last night) officials get cut. I don't know what the number of officials who progress and get cut are, but I think by the Stanley Cup finals they have two sets of crews remaining. Not sure if they have reserve officials (playoff games get reserve officials, regular season games do not), or if the crew not working one of the games serve as the reserves.
Anyway, you get bonus pay for each round you're selected. The numbers I know are about 10 years old by now and approximate, but to give you an idea, linesmen start at about $70,000 per year and referees start at about $110,000 per year. That can increase to about $150,000 and $230,000 respectively based on seniority and performance. A linesman who makes it all the way to the finals can earn an extra $30,000 to $50,000 and a referee who makes it to the finals can earn an extra $40,000 to $70,000. You can scale up the numbers appropriately since it's now 2025.
Anyway, I think that's a decent enough way to hold the on-ice officials accountable for their performance. It's in the form of positive reinforcement, which I personally find better than a system of negative reinforcement in the forms of fines and suspensions, which if the NHL attempted to impose, the NHLOA would throw a fit and possibly go on strike.